Is it possible that your engine has gone into a de-rated mode (sometimes called limp mode)? Is the exhaust clear when you are at top rpm at 7 psi boost? If so, the ECM may be de-rating the engine for some reason.
Low boost doesn't mean that there is necessarily something wrong with the turbocharger or wastegate. If the ECM is not commanding full fuel when needed, then boost will be low since the turbocharger operation is dependent on exhaust gas flow to drive the turbine.
Your symptoms can be caused by many things. A blown intercooler hose could be dumping half the boost. A faulty MAP sensor or faulty associated wiring could cause a de-rate mode. Other sensors and wiring could be an issue. Usually, codes will be set.
Have you checked for trouble codes? If so, what are they?
More detail regarding the symptoms would be helpful, such as miles on the truck, work that has been done to the truck (what and when), etc.
- John