It can't measure the actual power that is transferred in an actual fight. The bag is much lighter than a head, and it's not attached to a neck, so it offers a different level of resistance to opposing forces than a human head would. It also measures how hard the bag slams into the sensor, not how hard you hit the bag. I think it's a better indicator of how fast your punch can hit the bag, rather than how hard.
I heard that Marciano and Liston both tested machine and that showed Marciano hit harder,broke machine and that they shots are not very comparable like shotgun and 44. Cal. comparing! I found this: "Marciano's punch was tested and it was featured in the December 1963 issue of Boxing Illustrated: "Marciano's knockout blow packs more explosive energy than an armour-piercing bullet and represents as much energy as would be required to spot lift 1000 pounds one foot off the ground."