It appears it is more of a marketing gimmick than a firm and fast rule that defines Cruising speed versus maximum speed. Everyone wants to know 'how fast' their new boat will run. Then the next question is: how far can I make it on a tank of fuel. So, in reality, these are two completely different (but just as important) sets questions to be concerned with.
All boats have a different speed they go, depending upon how fast, how much fuel and when you want to get there is concerned. Cruising speed and Max speed is typically marketed as: what the sales pitch is trying to sell the boat as. Max speed is the speed that the boat originally came off the ways with almost NO gear onboard, with only one person driving it, and almost no water or fuel on board. Cruising speed is how far you can calculate your distance 'till empty.
If you ask a boat owner what their 'listed' speeds are (if they are honest) they will tell you the actual speed they make, not the brochure speed. I have yet to find a broker who won't quote the original specs as if they are gospel.
As an example, on my little boat I have a Perkins 2800 rpm engine. I have only gone up to 2800 once in a year of owning her. I usually cruise at 1800 to 2000. We get around 1700 rpms for 6 to 6.1 knots. This always burns less than one gallon an hour. However, if I push it to 2000 I get 'all the way up to' 7.1 or 7.3. But the fuel consumption almost doubles to 2 gallons (or so)
There is a mathematical equation for fuel consumption on boats. It reads something like this: Lesser speed is to Greater speed what Lesser fuel used is to Great fuel used (cubed.) Of course this does not apply to planing hulls, but to semi and full displacement vessels. It even applies to yachts! I found figures on my particular brand boat that stated .75 gallon at 6 knots, and 5 gallon at 8.5 knots. So, the fuel conservation ratio holds true to some extent.
Personally, I think cruising speed is where the boat runs smoothly, not pushing a whole lot of a bow wave, and not throwing much wake. The fuel consumption is up for interpretation by your wallet.