I'm not sure we need that much more power... the land sailing guys are already capable of 120+kph (60kn) - maybe the sails are already good enough... I suspect that some of the regular 45+ guys are going faster simply because the sails are better - better control during gusts, better efficiency, better foil stability...
However, water is about 800 times denser than air - it doesn't take much of anything touching the water to cause a huge drag - the big picture says that we should be focusing on reducing drag somewhat. Looking at old speed board designs, the only major difference is that they were longer (but that is ignoring the advances in rocker line, nose lift, etc....), so fins are a major talking point.
Mind you, these guys could also be going faster simply because they are getting more practice... or everyone is becoming an American....