Most mfg's, whether it be marine or automotive use the same block for a number of different engines - Merc is typical.
As you note the 150/175/200 all use the 2.5L block - the 135/150 also shared the 2.0L block, over the years the 40/50/60 shared a block as did the 75/90, 15/9.9, 6/8/9.9, 9.8/7.5, 18/25 - on and on.
So it may "seem" like you can easily convert one to the other - and in fact you can "easily" but not "cheaply" in most cases.
Sometimes it's nothing more than a few jets in the carb, sometimes it's new carbs and sometimes you have to change the entire intake/exhaust.
In any given (group) of motors the "on boat" performance difference is minimal at best.
General "rule of thumb" - you need to increase the horsepower by 50% to see a 15% top speed increase on any given hull. Such that if you are getting say 40 mph from a 150, to get to get 45'ish mph you need to move up to 225 horses.
Taking that same 150 and "up tuning" it to it's maximum - 200 horses on the 2.5L block would be an increase of 33% in raw horsepower - and yes, it would give you 10% better top end speed (and only top end, the power curve remains the same because the displacement never changed), but the change could cost you quite a few hundred bucks and without staring at a gps reading out the speed I don't know a person alive that can distinguish between 40 and 44 mph on the water.
I'm starting to get off on a tangent
So to give you a simple answer, it doesn't matter what the displacement of a motor is - by metering or restricting (or forcing - such as turbo and supercharged motors) how much gas gets into the cylinder and controlling the amount of exhaust that gets out you can "tune" it to a particular horsepower...