The "measly" 40hp (probably more per dyno) is coming from a 4lb pulley, which is small when looking at other setups on other vehicles. This was to keep in with the warranty. If you want more hp, get a bigger pulley.
Yeah, Isuzu could have put more than 215hp in there (more like 165 rear wheel hp), but so could anyone in anything. I knew when I test drove the VX that it wasn't a rocket by any means, but I bought it, and so did you. Why? The nature of the beast!