Yes, what he said about men on the wings, but also consider that a floatplane can not take off from open ocean unless the water is very calm. It has nothing to do with power. They can land on the ocean, but then they are stuck.
Navy recon planes are intended to be low, slow and cheap. They aren't supposed to be combat planes. I would bet that the Navy told Vought to "make us a plane about the same size and weight as the SOC, so we can use the same catapults and hangars. It should be at least as fast as the SOC, but give it an extra couple hundred miles of range. We want a monoplane, with metal construction and floats that can be swapped with wheels. Also, give us good radio equipment and take-off performance. Oh, and try to use an engine that no-one else wants for anything."
So Vought figured out a plane that could do all that, but with a smaller, cheaper engine than the SOC uses, to boot! A smaller engine costs less, and uses less fuel (although that depends on whether you have to run it on full power all the time to stay flying!). That is likely how they achieved greater range (which is the important thing for a recon floatplane) with a aircraft that weighs the same.
There are also strategic considerations. There were likely many R-985's sitting around, while they needed powerful twin-rows like the R-1340 for "real" combat planes. Why waste it on a pokey little floatplane when a little old R-985 will do "good enough"? That might even have been the primary consideration. It may well have been in the specification, that the plane had to use the R-985 engine.
In any case, the OS2U did it's job perfectly well. I don't see that a larger engine would have been a great help, and may have even hurt things (would use more fuel, would raise weight, increasing takeoff and landing speeds, etc).