Couple of thoughts; the groves in the caliper that the disk runs through tend to gather all kinds of crap that can transfer back on a clean disk.
The caliper could be leaking. It takes a tiny leak to affect braking performance, and on an open-system brakes you might not get any air drawn in, so the brake will feel nice and firm (I had a leaking caliper, and managed to convince myself for 6 months it was not leaking while bleeding, cleaning and replacing pads was driving me to insanity). Thoroughly degrease the inside of the caliper and the back of the pads and then watch for any signs of oil on the back of the pads as you ride it.
(Other than that, I find road salt that gets on the bike during the winter when carrying in on the back of the car causes terrible squealing; have not found anything other for that problem than sandpaper.)