The numbers are partly marketing for sure.
The fact that engines seem underrated can depend on several factors, two of which haven't been mentioned:
- Manufacturers want to hit the promised numbers even with low quality fuel. So if you put in high quality fuel like most of us do, our modern engines can sense that over time (knock sensors) and advance ignition timing, resulting in higher power than rated.
- Incorrect correction factors on third party dyno runs: on a dyno, you actually measure power at the wheels. Then you make assumptions for power train loss and air temperature amongst others to correct the number to flywheel power. If the assumptions for drive trail loss are higher than actual drivetrain loss, flywheel power will look higher than it factually was (but you do get good power at the wheels).
Also most dynos will correct for air temp and pressure (usually gets a bit hot in a dyno room). So e.g. if temperature was a bit high, in the old days engines would lose power and these losses were corrected for. However our modern ECU actually adjust boost at higher temps to compensate for power loss due to high temps, so that there is no power loss. But if the dyno program assumes powers was lost, the flywheel power will be corrected to look higher at standard temps.
Even if numbers are 'wrong', it does mean that our cars will put good power to the wheels even on a hot day. Similar things are valid for any modern turbo car though...
I personally don't care too much about numbers, but more on the subjective experience. The butt dyno is thus the one that matters most