As state-of-charge decreases, so does the overall battery pack voltage. Since the motors can only pull some peak number of amps, doing so at lower pack voltage will always deliver less total power.
I own a Model S Plaid and I used to pay close attention to the OBD-II data, out of curiosity.
Especially since people often consider "horsepower" to be things like turbos, etc that have their own spool-up requirements and result in inability to launch well.
The reason that a lot of applications consider torque is that's more efficient to operate near the required shaft speed than it is to run faster and gear down. You fight more inertia in the engine at higher speed, and you add rotating mass with your gearbox.
One day we were out servicing a conveyor drive with a 5hp motor attached to a gear reducer. I pointed out the spec plate on the reducer, it claimed an output of more than a thousand foot-pounds of torque.
"So this thing should be able to beat your Mustang in a race, eh?"
Horsepower is just torque * RPM.