Hispano-Suiza was a multi-national company with factories in both France and Spain, Marc Birkigt was actually Swiss. The company had been started in 1904 to make automobiles.
The British 20mm cannon factory was partially owned by Birkigt, at least at first.
Hispano-Suiza aircraft engines go back to about 1915, which is sort of their blessing and curse.
the WW I V-8 engine, there were a number of versions. It was very advanced for 1915-18. It was also widely licensed in WW I (including the US) and one of the Allied standard engines
Unfortunately economy (and pride?) kicked in. Birkigt had not only designed the engine, he designed some of the specialty machinery to make it. In the post WW I era and thousands (tens of thousands) of cheap/surplus engines and depression in the early 20s (not at as bad as 1929) improvements were slow. Birkigt was also prolific, designing new car engines, truck engines and gasoline engines for rail cars in addition to "new" aircraft engines. The engine that became the 12Y started in 1928 if not before and had no supercharger. The gasoline would barely tolerate any boost. Birkigt kept designing engines he could make on at least some of the existing machinery, things like bore spacing and machining the valve seats. A lot of engines used a one piece head and cylinder block and mounted two such assemblies on a crankcase. Now in such an assembley you don't have to worry about head gaskets. You do have to pull the cylinder blocks off the crankcase to do a valve job and drop the valves out the bottom of the cylinders.
Now in 1928-29-30 nobody else was making anything any better, the trouble came in when the H-S engines didn't improve that much. Hanging a supercharger off the back of the existing engine only bought a few years. Using the same head design (two valves, in line with the bore) limited breathing, the light weight construction limited power and so on.
Improved materials were only going to take you so far if you kept the same crankshaft journals crankpin sizes and kept the same basic crankcase design and so on. By 1940-41 you are flogging a very, very dead horse.