I have read a lot of the P-39 lend-lease.net articles and noticed that the soviets tended to use the p-39 slightly differntly than the west. Whereas most pilots in the west would shoot at 200+ yards, the Soviets would shoot at about 80 yards.
One of the reasons the Soviets were able to get more out of it was instead of firing at 200+ yards like the British and Americans they fired at about 80 yards. Alexander Pokryshkin there No 2 ace said it was easy to destroy your opponent, get to withing 80 yards pull the trigger and watch your opponent disintegrate. At that close range the low velocity of the 37mm and its low rate of fire become less important. The Soviets matched their tactics to their equipment.A US 37mm shell weighed 608 grams and contained 45 grams of Tetryl.
A 20mm Hispano shell weighed 130 grams and contained 10.2 grams of Tetryl (the were a number of similar shells). However the 37mm gun fired at 150-180 rounds per minute (book figure) vs the 20mm firing at around 600 rpm. A single 37mm shell was certainly destructive. the Problem was hitting the target with the low rate of fire gun (barges don't move very fast).
The Russians may have been impressed because the projectiles out of the 20mm ShVAK cannon went around 91-96 grams and contained 4.7 or 6.1 grams of RDX and aluminium.
For punching holes in armor you need velocity and the American 37mm didn't have a lot. The German 37mm used on the Stuka had about twice the potential energy with standard ammo and the Germans made AP rounds with tungsten cores. The US did not.
30mm of armor was generally considered the minimum needed to defeat 75mm HE ammunition from field guns or howitzers, this was generally the minimum specified for a "shell proof" tank (See British A10 for example) A 37mm HE round would have only a very small chance of disabling a tank with a single hit. AP shot for the field guns changed things. As did the proliferation of 37-47mm AT guns with high velocity AP rounds.
Hope that helps.