If indeed there is a MP limit on the subject aircraft's tach, I believe Tim just hit the nail on the head.
Many of the STCs that install a 520 or a 550 in a 180/182 specify a lower hp limitation than the engine itself is capable of delivering. For example, my old 180 would have got the Kenmore O-520 conversion, which derates that engine to 270 hp. Some of these engine conversions limit power to 260. Usually, this is done by limiting prop rpm, but the 550 already has a 2700 rpm limit, so the STC holder may have had to limit MP to meet the HP limitation.
As Tim noted, with much more flight test, the STC holder may have been able to use all 300 hp in that conversion, but it would require a LOT more testing, and would be very likely to run into some issues at that much hp.....like not enough rudder/vertical fin, etc.
But, as Tim notes, tell him to look in the STC paperwork and in the flight manual supplement (!!!!) that came with the modification.....there SHOULD be a FM Supplement, I hope.
Maybe.
MTV