In the 1970's, with the supply of R-1340 engines that had not been rebuilt multiple times drying up, a company in California was taking the cylinders from R-2800 engines and modifying them to fit on R-1340 cases. The R-2800 was called the Double Wasp because in many respects it was just that, two R-1340's stock back to back. That is one reason the R-2800 was such a tremendous success from the very start with few teething problems; it was based on over a decade of R-1340 experience. But unlike the R-1340, the R-2800 development continued, adding superior materials and design features as compared to the earlier engines. In other words, we could go a lot further with other aircraft piston engine designs, even if we only brought them up to the 1945 level of the technology.
Well, P & W and Wright and Bristol all put a lot of effort into large radial engines in the post war era. At least for the commercial market and for some military aircraft. It took a long time to get turbines to give long range (fuel economy) and at times they were pushing a little harder than the technology allowed.
I believe it was Hives who said something about designing the simplicity out of the jet engine.
P&W with the 28 cylinder R-4360 and Wright with the turbo compound were trying their best
For modern piston engines there are a few things that are stumbling blocks. There are some things that are easy to do.
Better materials can greatly reduce the weight for one.
But if you use gasoline you have to deal with the speed of the flame in the cylinder, Using more advance helps or going to triple ignition but large cylinders have certain restrictions just due to the flame burn. Doesn't matter it you can build a modern R-2800 that will turn at 5600rpm without coming apart (and please note that the stress on the rotating parts will be 4 time higher, not double) unless you can get the fuel to burn in that large cylinder in 1/2 the time. If you can't do that then you don't even have to work on the valves and inlets/exhaust ports to increase the flow of the gases.
Then you have to figure out how to cool the thing. Better machining and metallurgy can increase the fin area, but by how much, or change to liquid cooling?
There are certain economies of scale. Unfortunately cooling is not one of them. Displacement goes up with the square of the bore. Cooling surface doesn't.
Trying to translate over power levels from small cylinder, high rpm engines to large cylinder aircraft engines doesn't work so well. Also consider that a 1968 Chevy Z-28 engine at 6,000rpm had the same piston speed as a Merlin or Allison did at 3,000rpm. Many modern engines went back to the under-square bore to stroke ratio for emissions reasons.
Under square engines have a little easier time with high rpm (less piston mass reversing direction).