Jetting can definitely be a problem. Doing a sparkplug check would be a very good idea. You know, running the bike in 2 or 3rd up a hill at full throttle, then killing the bike and checking color of plug.
But...one area I would definitely check is the pipe. Two strokes rely heavily on a good pipe with little or no dents, especially the critical area just outside the cyclinder just before it starts to expand. If there are dents here, then the top end especially will be held back. And when I say dents, I mean the inner diameter is greatly effected by the dent. It will feel like you've hit a rev limiter. But bad jetting will also feel this way too.