I had wondered about that, but I'm using the yellow line (which I presume is the approximate water surface) and the top of the motor as reference. If it's not squatting, I don't think the yellow line can be correct.
There's also being able to see more of the people on board. There is a seat which looks to be in the middle, in front of the pilot, but the guy on the left appears to be standing all the way through. Maybe the photographer went to higher ground?
Ray the pictures are taken with a different teleobjective lenght - like 500mm in the beggining and 1200mm at the further measurement points
If the boat's rear is going downwards, that is even worse reading fo the GE model.
If we talk about refraction, that must have been upwards, that makes the readings also even worse for the GE model.
The question is: where do you see the beam for example at position C16?
at the FE model height 1.63 meters
or at the GE model height of 2.6 meters?