First, I'd like to emphasize to other readers that Tom has posted a
crop of a scan at fairly high resolution (4000 dpi). I'm not really familiar with scans at that precise resolution -- I mostly use 2700 dpi myself, although I sometimes scan at 5400 dpi. It's therefore hard for me to judge just how bad that image is. I'll take your word, Tom, that it's worse than you generally see from Portra 400.
Given this, another possible factor is
grain aliasing, which is an exaggeration of grain in scans as a result of the way the grain interacts with the scanner's pixel size. Of course, if you've used the same workflow before with the same type of film and not seen anything this bad, this can't be the whole answer; but it could be that a relatively minor effect from some other cause is being exaggerated by grain aliasing. Any of the previous suggestions (more primitive emulsion, retained silver, etc.) could be making a small effect, which then appears even worse because of grain aliasing.
FWIW, when I want 4x6-inch prints, I'm willing to get digital prints from scans from color print films up to ISO 200; but once the film speed hits 400, I find that digital prints look much grainier than prints made in my darkroom. (My film scanner is a Minolta DiMAGE Scan Elite 5400, FWIW, and I generally scan at 2700 dpi.) I'm not trying to offend anybody with my digital "potty mouth," just illustrate one possible source of at least part of the problem, which has so far been observed only in a scan of a negative. I therefore recommend doing a direct darkroom print, along with a comparison print from the same type of film shot and processed when it was still within date.