you have far better control, with the console, than with a tiller. one slight slip with a tiller and you can easily flip a boat, and it doesn't have to be high horse power engine.
Also, the torque of the engine is dampened mechanically by the setup of the steering system. Imagine trying to fight 200HP with what amounts to the end of a baseball bat in one hand!
Since you have "lund" in your avitar I've noticed that Lund tends to be really cautious in there HP ratings also. My boat is rated for a 75hp console 50hp tiller (ordered with console when it was new) and using the Coast guard recommendations for boat builders formula my boat "could" be powered by a 105hp engine. Runs great with a 90hp rude' on the back and performed very marginal with a 50hp on the back and wouldn't plane out with the livewell full and 3 people in the boat which would have been even worse with me sitting in the back running a 50hp tiller.
Also, the torque of the engine is dampened mechanically by the setup of the steering system. Imagine trying to fight 200HP with what amounts to the end of a baseball bat in one hand!