340 4 barrel and 340 6 barrel: were they really UNDERrated?

Vehemently Disagree!!!

Mopar ads when they were new headlined:

600 RPMs for under $3,000.

600 rpm is a good idle speed.

Underrated? I'd guess so....
1971 340 = 275 HP
1971 318 = 230 HP

So the bigger bore, bigger cam, bigger heads, bigger intake, bigger exhaust, better compression, 4bbl vs 2bbl .... all that is only 45 HP... Hmmm

Keep in mind, the 318 NET HP was closer to 150 HP. The 318 was nowhere near the level of the 340. The 22 cubic inches were not the issue either, the differences you listed were the difference.

And probably a thousand pounds lighter than the B bodies too, great combination for a fast car :)

That is a stretch. 1000 lbs ??