you can maintain a high level – just not your absolute best – but the peak is usually becasue the structure of your training program is aimed at this. Also, in the terms you seem to be talking (pro-level), rest and (yes!) psychological factors have as great of a bearing on this as the physical effort. They are aimed at at end point/desired result; the peak!
Peak drops off, because all of the factors have to be in sync at the same – rest, base fitness/skill level, lack of injury, positive mindset etc; it's hard to keep all of these things at the required top level for an extended period – more training = less rest, competitive focus = ignored social life, etc and vice versa, which creates a balance that is hard to maintain in a real life situation.
Peak too soon is just getting the structure of your training/focus/rest/whatever you in particular need program/schedule, "wrong" and therefore not being able to maintain the above mentioned delicate balance through to the intended/desired end point in time (eg final or champ. race, etc) hence too early, or not having it all in place in time – not reached peak