He's got enough power to be functional, it's just not spectacular. It's not a matter of bad form or technique, I just think he wasn't born with the punching power others have and his immense focus on conditioning doesn't make the most out of his natural punching power, either. That's a smart move; guys like Time (and Holyfield at Heavyweight and Joe Calzaghe) have the kind of conditioning where they can win fights from that and don't need to hit THAT hard- just enough for their opponents to respect it.
If you'll excuse the analogy, the guy is a long distance specialist, not a sprinter. I don't think he commits to his punches enough to be a power puncher and if he changed that, he'd do so at the expense of accuracy and stamina. If it ain't broke...