The DOTs don't inherently make an enormous difference.
Monk's DOTs tick for higher though.
The bigger base potencies is balanced by the lower MNK GCD. A TTT DRG combo is ~87 PPS. A monk DK-TW-SP combo has 78.3 ... hmm, I guess it doesn't completely make up for it, but then you have GL3 damage as well as Fists of Fire. Those two combined significantly exceed the DRG base potency advantage.
The OGCDs are slightly in favor of the DRG -- Leg Sweep is a lower cooldown than Steel Peak, and Jumps > Howling Fist.
So it goes back and forth, but the 21% from GL3 is pretty big.
The last bit is that optimal Monk DPS is much less likely to be achieved than Dragoon DPS. This is "obvious" re: Monk positionals, but the basic assessment is this:
1. Dragoons lose more DPS from a failed input/position (lose 70-150 potency due to alternative cost of lost combos in addition to raw potency penalty).
2. Monks have many many more position checks than Dragoons. Each penalizes the Monk less individually, but they add up.
This is besides the possibility of GL3 straight dropping. These penalties will drop Monk "real" DPS significantly more than DRG will drop below theoretical.

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