I have given this topic a LOT of thought so any dissagreements to my following statements should be given THOROUGH consideration before posting:
Horsepower is simply a way to quantify work output of an engine. You can also use kilowatts, BTU, calories or ANY conceivable unit of measurement. I use the term POWER to simplify. To say that horsepower is unimportant is a misunderstanding of what POWER is.
POWER or the work performed is inseparable from torque (FORCE) in a running engine. There is a HP and a TQ measurement for every RPM point. TQ is always more below 5252rpm and HP is always more above 5252rpm due to the math that calculates HP.
Used in a vehicle with gearing it is POWER that is most important as you can MULTIPLY torque with gearing but you cannot multiply power.
Davids question is really more of WHY one engine will have a higher peak TQ number vs. one that has a higher peak HP number. Notice I said PEAK because peak can be deceiving on how an engine performs.
When you are talking supercharging (both "turbochargers" and "superchargers" are in fact superchargers) it comes down to the BOOST curve and the boost quality. Boost is not boost. Boost is a reading of the resistance of an engine to inhale a given amount of pressure from a compressor as measured (usually) between the throttle body(s) and the intake valves.
Boost curve is based on how a supercharger (SC) is powered and its relative capacity. Turbochargers are centrifugal superchargers as are Vortech, Powerdyne, ATI Procharger and several others. Centrifugal SCs do not produce boost linearly. They operate at a relatively high compressor rotating speed.
A belt driven centrifugal SC usually does not make any low RPM boost. Most start making boost above 2500rpm. Due to the belt drive you do not make peak boost until engine redline.
A wastegated turbocharger can make boost well below 2000rpm and reach peak boost well below engine redline and maintain peak boost to redline.