Usually the Hp difference is nothing more than a restrictor between the manifold & the head
Some times they are thin metal plates other times they are just a gasket which has a smaller throat hole.
Back in the "god" they used to change the main jets as well but in the era of the EPA that is no longer done.
Other than that it is just the sticker on the engine cowl.
No law about understating the Hp.
However if the 22Hp is struggleing then the 27Hp probably won't make a difference
There is an absolute limit to how much grass can be held up in the air getting recut by a mulching deck
Usually the big problem is taking too bit a cut .
I am yet to see a mulching deck that can handle more than a 3" cut.
We have just had a very rainy month followed by some days pushing 40 C .
I have a list of belt replacements longer than my arm and the phone just keeps on ringing because the local mower shops can not get belts in before christmass & they know I keep a big inventory.
All of these are because owners have overwhelmed the capacity of their decks to the point that the belts broke.
I can tell them to take smaller cuts but they all reply that they don't have the time to cut the grass more than once a week .
So they wait 4 days for a new belt by which time the grass has grown another 4" to 6" which they try to remove in one hit & brake the belts again
A mower can only do what it is designed to do regardless of how much time you have or the need to cut grass that is 10+" tall