Compression ratios were down...camshaft profiles were more conservative and emissions equipment all dropped the HP numbers. The biggest reason though was the change from "gross hp" to "net hp" in 1972.
Up until 72, engines were rated on a test stand with NO accessories bolted on them...including mufflers. When the "net hp" standard was introducted, all engines were rated with all their accessories installed with standard ingition timing exc. Both gross and net figures were taken at the flywheel and not the driving wheels.
A 318 for example in 1970 made 210hp but by 73 it only made 150hp. The 73 engine probably had a little less hp due to the emissions equipment but it was also rated with in net hp...not gross hp. The accual hp difference was a lot closer than it seems.