An IFRA guideline is only concerned with human and environmental safety. For example, some fragrances have a Category 9 limit of 100%. Does it make sense to make a "soap" that is 100% fragrance?
I do not use more fragrance than the IFRA guideline, because I want my soap and lotion to be safe for people to use. On the other hand, I may use less fragrance than what the IFRA guideline says, because I also want my soap to perform well.
There is a practical limit for how much scent you can add to a soap and not run into problems. Too much fragrance can weep out of bar soap, cause the soap to be soft, possibly reduce the lather or longevity, or create other undesirable problems.
To encourage reasonable use, some suppliers, such as Nature's Garden, make their own recommendations for maximum amounts for various products. Nature's Garden recommends this for a random fragrance picked from their website --
Bath oils, soaps, bath gels: Maximum use 5%
This happens to be the same percentage as the IFRA guideline for this fragrance. For a fragrance with a 23% IFRA guideline, I'd probably still use about 5% of this fragrance to ensure the soap is skin safe and also performs well.
I normally scent my soap at 5% to 6%, assuming the IFRA guideline allows.