swall, there are all sorts of ways to play games with this, both then and now. That was an era of mechanical (points and breaker) ignition timing, mechanical carburetors, etc. Think "production tolerances". To give but one example, the ignition timing on the factory spec sheet, and the ignition timing that the engine shipped with, and the ignition timing that actually gave peak power, can be three different things. Sometimes you can game the test procedure, too. If the official test procedure calls for stopping the test at the manufacturer's specified maximum RPM (remember, that was an era before rev limiters), then you just specify an artificially low maximum RPM.
Modern engines are built to tighter tolerances and have fewer adjustments ... but games can still be played.
The difference between SAE gross "back in the day" and modern SAE net corrected figures makes the difference in specific output from then to now bigger than it first appears.
Improvements in other areas besides peak power are more impressive. Fuel consumption, for one. Back then, anything with 200+ horsepower got 7 mpg. The reduction in emissions is spectacular by comparison. And then there's durability, driveability, cold starting, etc.
As others have noted, engineers have been doing something in the past 40 years.