It could be a ton of things.
-- The control cables could be adjusted such that they don't fully open the throttle.
-- The stops in the controls could be set to prevent fully exercising the throttle cable
-- The governor could be limiting, perhaps intentionally, or perhaps mis-set
-- They could be different models than you expect.
-- They could have been modified to produce less output, e.g. w.r.t. turbo and injector pump/injector tuning.
If there isn't significant grey or black smoke, my first guess wouldn't be props, transmision, or loading.
My first test would be, and I know many would gulp at this, to see if it reaches no-load WOT RPMS in neutral at the slip when adjusting the throttle directly at the engine.
If it caps out at about the same place, and is running smoothly, then governor is a good guess. If it starts to surge crazy before it gets there, then there might be something interfering with the test, like fuel, or a real problem.
My next test would be, with the engine off, while the control cable is disconnected at the engine, to note the position for full throttle. Then, I'd reconnect the throttle cable and advance the throttle fully via the control.
If the throttle doesn't go as far when exercised via the controls vs when exercised without them -- that tells you something about the controls is miscalibrated.
If it'll make no-load WOT RPM, it isn't the governor. If the controls fully advance the throttle it isn't the controls. If it isn't making dark smoke, dramatic overloading is unlikely. Diagnosis goes to less common thing from there.
Ultimately, it could still be overloading, even without a ton of smoke.
But, it could also be weird stuff, like injector pumps calibrated to the wrong curve, etc. Or, maybe even a real problem. It would take a lot more focused information to sort it from there, I think.