It is a fascinating question.
When solving for fuel use
ONLY, comparing high to low HP engines, its a hard comparison when the data sets are different hulls, different make engines, etc.
Which is where, to me, looking at the Cummins QSB line comes in handy. There is a broad range of HP offered from the same manufacturer, same engine block, and decent data provided by the manufacturer. The means of testing or estimating would be the same, and wash out differences in assumptions and testing gear from manufacturer to manufacturer
Cummins does offer different configurations within the same block, same HP. High Output is designed for recreational use, and ANY commercial use voids the warranty. Intermittent Use is designed for commercial sport fishing, and other commercial use. And so forth.
https://www.sbmar.com/technical-information/cummins-diesel-ratings-definitions/
To keep the answers to the narrow question of fuel use by max HP of the engine, its a good idea to be sure to compare engines within the same class.
Here are 3 data sheets for the QSB, at 250HP, 380HP, and 480HP.
All High Output (recreational use.)
250
https://mart.cummins.com/imagelibrary/data/assetfiles/0056067.pdf
380
https://mart.cummins.com/imagelibrary/data/assetfiles/0056005.pdf
480
http://https://mart.cummins.com/imagelibrary/data/assetfiles/0055949.pdf
One of the things one discovers is the importance of viewing at least 3 different engines. There are some wiggles in the data, where results from 250-380-480 go up then back down. Obsess on a difference between only 2 and I think some wrong conclusions can be drawn.
So there's the data.
My conclusions:
1) At 1400 RPM, which in a Helmsman 38 would give a cruise speed in the area of about 7.5 knots, a 250 burns 2.4 gph, a 380 burns 2.6 gph, and a 480 2.6 gph. A material difference? Not to me.
2) The 250 hp max continuous RPM is 2400. So to stick with that Higher RPM across the engine sizes: the 250 burns 10.1 gph, the 380 burns 10.6 gph, and 480 burns 10.1 gph. It would appear the 380 hp data is some anomaly. Again, no difference
And if you pull a 4th data set, to the 550 Government Service configuration there is a big jump in burn. Why?
If you want to dig deeper looking at different models, go here, and search under Engines / Marine / QSB
http://https://www.cummins.com/brochures
The data seems clear enough. Solving as best one can for HP difference alone, there is no material difference in fuel burn.
Just looking at the Cummins lineup, there is a smaller marine engine I know nothing about. The B5.4L 230hp. At 2600 RPM it burns 12.3 gph compared to the QSB 380 at 13.1 gph. Heavens knows if the two represent a decent comparison, because at 2600 RPM the 380 produces 255 HP compared to 230 HP for the B5.4L.
Might there be a different make of smaller HP engines with more efficient fuel burn? Sure. But that would be a different question.