Hi womble, just doing a search for an answer to another question I have and this came up. Its not related but I may be able to help you, and what goes around eh, so in the interest of karma for my query...
First, and I think someone else said it before so you may already have the answer, the Max PP is a skill based program cap only. For example if you were trying to fully automate a ship by installing say a "Pilot" program, "Astrogation" program, etc., each one has a cap and of course you are limited to the Total PP allotment per round (ship round, 10 or 20 minutes). Now before anyone gets excited about eliminating people from operations don't forget the computer has a pretty low set of ability scores, and all that hard and soft ware is gonna cost.
Second I think maybe you looked at the wrong line for the Jump program PP above. Its 30 PP for the J2 program, and a M2 computer has 35 PP, leaving 5 PP for the Generate and other required and/or desired programs like the Library, Anti-hijack, or whatever. So each of the Jump minimum computers provides enough PP for the Jump program and a few others.
My problem, and its more of a progession fixation I can get over, live with, or change for MTU, is the Total PP progression starts out so nicely at 7 more PP each model through M4 then switches to 8 more. Even worse, though perhaps more justifiable, hmm or less if we look at real world programming practice, is the progression for the Jump program. It too starts with 7 PP steps then goes 4, 3, 8. What's with that? The 7 PP step across the board would be nice, giving a free PP of 5 for each minimal Jump computer/program pairing. Oh well like I said its just a personal fixation with order, not that you could tell from the chaotic nature of my life