If it's the same article I've just read, there's also a picture of the car in a cloud of tyre smoke, which would suggest the 150hp rating doesn't tell the whole story...
Horsepower is a mathematical equation for a rate of doing work (torque x rpm)/5252 The engine in the Pontiac (assuming it's original) will be a 305 Chevy, probably in LG4 spec, and the 150hp will be at about 4000rpm redline. The lack of revs make it look worse than it really is when we are used to comparing figures for European or Japanese engines that rev to 6500-7000rpm. Old American V8s have much more emphasis on bottom end torque to get a big heavy old barge up to speed quickly then plod along for hours and hours at cruising speed with the engine barely above idle speed, and agricultural as they may be, they're damn good at it. Bottom end torque is also pretty useful if you feel the urge to leave 50 foot long black stripes when you pull away!
There's no denying the mid 70s to mid 80s was a bleak time for American performance cars. They are completely strangled by emissions regulations, low compression, tiny ports, tiny valves, tiny carbs, and a catalytic convertor, smog pump and all sorts of rubbish. But, they are still a big engine which makes a decent amount of torque right from tick over, and binning all the restrictive save the planet accessories wakes them up a bit.
Fortunately by 1985 Chevy had developed a half decent fuel injection system, and while they were still "only" 200ish hp from 5 litres, decent spec Camaros and Trans Ams were doing 6 second 0-60 and 15 second quarter mile, despite being saddled with ridiculously tall gearing for better economy at cruising speed. Technology has moved on a lot in 30 years, but that was pretty impressive back then.