This is an Opel-derived engine, variants of which are also used on the Saturn LS and Cadillac Catera. The Catera version DID put out at least 200HP without a turbo. I think the Saturn version was 182HP or something like that.
Only thing I can think of is maybe it's a marketing thing... run a lower compression ratio and the engine can run 87-octane fuel. It's a known fact that the typical average consumer does NOT want to pay more for Premium, so this engine can run on 87 by running less boost, but can also deliver better performance on Premium by running higher boost. This is just a guess, I could be way off.
IMO, GM designs some pretty good engines. They've stuck with old pushrod technology and managed to build engines that produce more power and torque while consuming less fuel than the equivelent DOHC. Not only that, but the physical packaging is much smaller as well. The only "problem" is these engines SEEM less efficient and APPEAR to be inferior due to their higher displacement (not as good HP/L ratio). However, displacement is just a number in the specs like bore & stroke, it doesn't relate to fuel efficiency or power produced. The 5.7L LS1 V8 in an F-body produces almost 100 more HP and gets 1-2mpg better fuel economy than BMW's 3.0L DOHC I-6 in a 5-series. The BMW actually weighs LESS. GM's 3800 Series II only produces 200HP, but it gets better fuel economy and produces more torque than almost all 3.0L DOHC V6's from any manufacturer. It's less thirsty than many 150-160HP 4-cyls.