You're measuring the power from the battery, not the motor's output power, which will be much less.
The power from the battery is regulated tom 22 amps by the controller up to something like 50% of maximum speed, then the power is cut down by the back emf from the motor, so the wattmeter will show the power decreasing as you speed up past that point, until it reaches zero at the motor's maximum rpm. That's why there's a speed beyond which the motor won't go.
You'll see that you can only draw maximum power when accelerating from a start and grinding your way up hills. If you have a KT controller, you'll also see that there's a different current limit with each of the five PAS levels, which don't affect the throttle control.