Carnot
It turns out that the question has missed a subtle point: the temperature $T_C$ doesn't just depend on the difference in the chemical potentials of the reactants and products $\Delta \mu$, but also on the temperature of the reactants. This was pointed out by Vincent Fraticelli's answer.
Thus, we can reach a higher efficiency by first heating up the reactants to a temperature $T_H$, then allowing the reaction to happen, and using its heat as input to a Carnot cycle. We can make $T_H$ as high as we want, but at some temperature $T_{max}$ the reaction starts to go in the opposite direction. Per the Maximum Work Theorem, the maximal efficiency is reached when the reaction happens reversibly, which is when $\Delta G = 0$, because it happens in the hot reservoir at constant temperature and pressure.
This was pointed out by the link in Bob D's answer, in which this maximum temperature is called the combustion temperature.
To find the maximum efficiency, we set $\Delta G = 0$ and find its corresponding $T_H = T_{max}$. I will use $\Delta_H$ and $\Delta_L$ for the change in a quantity between the reactant and the products for a reaction happening at the high and low temperature, respectively. First we find $T_H$:
$$
0 = \Delta_H G = \Delta_H H - T_H \Delta_H S
$$
$$
T_H = \frac{\Delta_H H}{\Delta_H S}
$$
Now the heat entering and escaping the Carnot cycle (which we assume to be positive to not get lost in sign conventions):
$$
Q_H = \Delta_H H
$$
$$
Q_L = T_L \Delta_L S
$$
And now the efficiency:
$$
\eta_{Carnot} = \frac{Q_H - Q_L}{Q_H} = \frac{\Delta_H H - T_L \Delta_L S}{\Delta_H H}
$$
If we assume $\Delta_H H \approx \Delta_L H$ and $\Delta_H S \approx \Delta_L S$, then this becomes:
$$
\eta_{Carnot} \approx \frac{\Delta_L H - T_L \Delta_L S}{\Delta_L H} = \frac{\Delta_L G}{\Delta_L H}
$$
That assumption apparently holds approximately, but not exactly.
Fuel cell
Now to the fuel cell. As pointed out by Vincent Fraticelli again, the fuel cell operates at a constant temperature and pressure, so work can be calculated from the change in the Gibbs potential: $W = \Delta G$. The total energy trapped in the reactants (i.e. the heat output of the reaction) is $Q = \Delta H$, the change in enthalpy during the reaction. Thus, the best possible efficiency for a given reaction is:
$$
\eta_{cell} = \frac{W}{Q} = \frac{\Delta G}{\Delta H}
$$
These changes are measured at the low, ambient temperature at which the fuel cell operates.
Comparison
According to the linked article, the efficiencies are close, but not exactly equal. For hydrogen-oxygen burning, the limit is around $94\%$. For some fuels, such as methanol, there apparently is no theoretical maximum, because $\Delta G$ is always positive. This is caused by $\Delta S$ of the reaction being positive. In those cases, it would be possible to convert the energy stored in the fuel entirely into work and additionally convert some heat from the environment into work, giving something like an efficiency $\eta > 1$.
One remaining question
I don't understand why we assume the chemical reaction takes place at constant pressure. This means the fuel might expand, "wasting" some energy on volume-change work that we never capture. I would expect instead to do the chemical reaction in a fixed volume, meaning that all of its heat can be used to power the Carnot cycle.