...I've seen multiple videos of people with my configuration doing 85mph+. ...
We need to know some basics like was the boat running freely on the back half of the sponsons or plowing, how hot does everything get after two minutes, etc. It is often difficult to diagnose problems from hundreds of miles away. The folks on this forum are FAR FAR more honest and knowledgeable than the producers of those phony videos on YouTube. They have been there, you have not. Don't dismiss them, or you may never get the help you need (rather than the help you think you want).
That said you should be getting better than 40 mph. Some potential causes:
Incorrectly labeled or faulty motor
ESC not giving full throttle
Bad cells in packs
4S1P packs sagging heavily under load
Running too wet
.
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