What MagicBoy said. It's how many instructions a single core can process in a single clock cycle. It does not magically scale with the number of cores.
Also, if I write a purely single-threaded application, it does not magically make use of additional cores (although underlying OS, drivers, and SDKs might underneath). IPC matters a great deal in these scenarios.
There is no such thing as an application written to use solely one compute thread, other than one or two benchmarking application for academic purposes.
If i was looking at a CPU for Blender you wouldn't recommend an 8600K, actually i think you probably would, and yet the Ryzen 1600 let alone the Ryzen 2600 is the faster CPU, even if you run the 8600K at 5Ghz + the 1600 is still faster.
Now, the 8600K doesn't have SMT but thats besides the point, you wouldn't or rather shouldn't recommend the 8600K to me based on single threaded performance, that's useless to me.
Measuring IPC in reality is not limited to measuring one compute thread only, it assumes, wrongly that a performance of :1 per core scales the same across architectures when the core count is multiplied, the fact that Ryzen has higher performance per clock across multiple cores than Coffeelake relative to it should debunk that.
So if you tell me that the 8700K has 100% performance using one thread compared with the Ryzen 2600 at 97% then i agree Coffelake has 3% higher IPC, and you would like to leave it at that!
Well, IPC is not that restrictive, the 2600 having 106% performance for the same clock rate has the 8700K across multiple compute threads is just as valid, even more valid because nothing actually uses just one core.
Constraining the IPC argument to be subjective only to measure 1 compute thread was and never will be its true intention, it is infact subjective, if you read up on it it will tell you it depends on a myriad of things, including but not limited to, Floating point performance, Integer performance and individual applications, if a CPU has higher performance scaling across multiple compute threads then that is also a valid measurement, the argument that it should be excluded from IPC measurements is a fudge by individuals to exclude anything that doesn't make Intel look the winner.