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I had never put the 2 and 2 together until now, but it does seem like the origins of this sport are similar to NASCAR. Stock car racing was borne out of bootleggers running alcohol during prohibition. They souped up regular cars to make them carry the booze and go fast if necessary to get away from the cops, while maintaining a stock appearance. Eventually they started holding competitions among themselves and then, years later, it turned into a fully sanctioned sport.
These powerboat racing guys on the whole appear to have strong connections to drug smuggling operations. Here's an interesting article about a couple of them from the 1980's, who were active in both drug running and in the powerboat racing operations simultaneously. Not saying everyone's involved in this, but when you see crazy money being poured into a sport without significant sponsorship, you gotta wonder.