A lot of the engines in the late 60s and early 70s were rated with lower horsepower because insurance companies increased your rates for high horsepower engines. It was all a game.
The L-88s were not built for the streets. They were built strictly for racing. The L-88 Corvette didn't even have windshield wipers, heaters, or defrosters. I had a 427 Rat motor that I had built to L-88 specs, but with cast iron heads, and it dyno tested at over 500 hp.
After 1971 they actually did detune the engines in an attempt to meet EPA standards. It was a dark time for muscle cars.