I think it's the plx switch that generates that heat...
Well, lets see. We are dealing with incomplete information, as the specs are not perfect.
The 9300-16i, is essentially two 9300-8i's on the same card behind a PLX (or equivalent, may not be PLX branded) chip
According to Broadcom's specs for the 9300-8i it uses 13w nominal, and 19w max.
Thus this gives us a range of 26-38W for two of them.
According to Broadcom's specs for the 9300-16i it uses 26.9w nominal. There is no max/transient number.
So, if the specs are accurate, at nominal, the 16i uses only 0.9W more than two 8i's.
That 0.9W can probably be attributed to the PLX chip, but that seems a little bit low.
I don't know. All this really tells us is that we don't have quite enough information to say for sure.
That said, despite covering almost the entirety of the card, that black heatsink is a little small and shallow to cool 26.9W in a passive configuration, which is likely why it gets so hot. You don't need big power to result in heat. Even small power over time will do the trick, unless you have decent cooling.