But her surprise was at the fact that she duplicated the dragon's power... not Wanda's. That is why I asked. She actually says "Oh my god... I absorbed the dragon. How did I do that?"
The chaos fist (which, I assume, was based off of Wanda's power) was a new manifestation of power and not a simple duplication. As far as I know Wanda has never used such a power (it even states that it is the first use ever). I think it was a Hope using Wanda's power and the dragon's at the same time (as Iron Man thinks he knows how she beat Cylcops and he has been trying to figure out how Wanda, the Iron Fist and the Phoenix are connected).
Having never read Iron Fist, I'm finding this whole series a bit mystifying. Was that dragon meant to be a manifestation of Iron Fist's mystical power? If so, has Tony really been stumped ALL THIS TIME in realizing that combining Wanda's and IF's powers (both of which are proven effective against the Phoenix) might be doubly effective against the Phoenix? That sounds as simple as one plus one equals two.