Very true. Actually, usable (real world riding) power has been decreasing. Nobody really pays attention to it as manufacturers always post peak power which is seldomly used, and if used, it's only for a brief moment. Mid-range power is seldomly discussed. Neither is torque although not shown here where there's massive differences between the old and the new. I've posted this comparison awhile back just to illustrate the differences. BTW, all these numbers were exported from BHKUK charts.
After all, you need a 1:1 comparison of the bikes measuring acceleration in all gears. If you say 'Horsepower', mention 'Torque', you should not forget the final drive ratio including gearbox. thats why a direct power to power comparison is misleading. Only the full picture defines the 'feeling' on the bike. Not saying that the one or the other is better. Just my 0.02$.
I'm of the opinion that my V4 PP is not appreciably quicker than my 1260 PP, but the mid range torque feels more, not necessarily better, just more. So I think I'm agreeing with you.