To make the motors competative at the same hp level you have to allow for weight. At 383 at 500
hp is not going to have the "grunt" at the low end of the dial. However, the 440 ISN'T going to buzz to nearly 6800 rpm to make it's 500, either.
My point is that they are both capable, but with the HEAVIER weight of the cars the motors are being put in, the 440 with its' torque moves the mass much better. On average, for example, 440's are usually in chassis of 3700-4400Lbs (mostly B-bodies), with the "all-outs" BELOW 3600 total weight. That still doesn't make it better, just an EASIER choice to build for street usage.