"If you did manage to produce enough power, could you power through the
bow wave
and thus produce a shock wave?"

If you did, you would be on plane, traveling over the water for the most
part, and leaving any remnant of a bow wave behind the boat. Any relation
of this phenomena to a sonic or acoustical shock wave is only academic,
since the speed of sound in water is about 5 times faster than air, so it
isn't likely that there will ever be a watercraft moving at 3500mph.