P = V * I is only true in special circumstances eg when the load is a resistor.
It is not true in cases of motor, whose real output depends on its Q factor, switching control, load etc.
This is because a motor gets pushed around its axle by solenoids, whose voltage across their terminals varies with time, the intensity of the current flowing through it is also a function of time, the output power is also a function of time with more variables than just V (voltage) and I (current Intensity). Each function has also its harmonics, the resultant P is a complex function which can only be analysed with something like MathLab. The power is usually measured while the motor reaches its thermal equilibrium in a room at 25 degree C.
The dynamoneter use a heavy wheel to average out the output, yielding effectively the RMS (root mean square) of the real P, a simple statistical answer to complicated situation. All motors will withstand 100 times its RMS but not for long.