R1, you are 100% right. The speed shown on speedometers is a joke, to appease the 'innocent' riders. Another factor is poor quality of meters as in Pakistan, 'ACL' made meters are of far lower quality than 'Alsons' made meters, still both brands have significant errors especially above 90kmph.
I was watching a youtube video, a rider of Junoon 100 showing 120kmph on his meter, while a Suzuki bolan was still ahead of him from the start till the end of the video.. lolz. That was an obvious error in Meter.
So no worries if someone's bike hardly makes it past 100kmph. Only a few bikes can go beyond real 100kmph.
If you don't believe, check thru GPS..