LD1 said it very well, as usual. :thumbsup:
I just wanted to add another example or two. There are some engines that have both automotive and industrial applications. The two closest to the top of mind are the 5.9l Cummins diesel, and the Ford 300 gas motors. Put them in a truck and you can turn the HP up because the power demand is intermittent. Put them in a generator or a tractor and you gotta turn the power down, otherwise, you're gonna overheat them.
That's another thing that a block putting out more power needs, is a larger cooling system. If the 6060 makes more power, it may very well have more coolant capacity.
So, no the displacement isn't "under-utilized", the engine is de-tuned to make less power than it's capable of. Like LD1 said, this is common in the tractor world dating back several decades. Personally, I'd rather have a larger block putting out less HP than the other way around, but in reality, it probably makes no difference. These motors are all designed for continuous use and should have a very long service life.