The comparison is not really correct, because the "hp" was defined as the power that a horse could sustain for a very long time, like when being used to power a pump or a mill, which was the right equivalence for the replacement of a horse with a steam engine.
Like humans or any other animals, horses can sustain much higher powers for short times, than for long times. Few horses, if any, could sustain a power of "1 hp" for hours.