Cams do make a difference's however the smaller than optimal intake runners and the small ports and valves that are on the Vulcan exchange potential horsepower for torque
They're very reminiscent of the older pushrod 5.0 that Ford designed around the same time. They don't share any parts, but the designs look very familiar if you take them apart.
The most powerful 5.0 in the 98-01 Explorers came with "the good" GT40 intake manifolds and made 215hp @4200rpm and 288 ft-lbs @3300 rpm. That's 43hp and 57ft-lbs per liter of displacement.
The 3.0 in it's most potent form made 154hp @ 5200rpm and 180ft-lbs @ 3900rpm. That's 51hp and 60ft-lbs per liter of displacement. So, it could legitimately be argued that the 3.0 was a better engine design than the venerable 5.0L that all of the Mustangs had back in the day. It just lacks the aftermarket support.
Both engines were designed in the 80s and refined through the 90s. They did what they could with what they had. They're not a modern design at all, for better or worse. Comparing them to modern engines only shows how good modern powertrains have gotten at making (and delivering) power efficiently.