Vector Unit was the one that did Hydro Thunder Hurricane. Interestingly enough, the original concept for the game was a flooded, post apocalyptic world where you would be able to build your own boats out of spare parts and race for cash/parts. It also had an interesting style of gameplay, where it was possible to angle your boat in the air to slice through the next wave instead of bouncing off it. The game was originally going to be called Barracuda, but Microsoft approached the developers when they were presenting it, and talked them into morphing it to make a Hydro Thunder sequel. While Microsoft obtained licensing for Hydro Thunder, the guys at Vector Unit changed the game to fit that style.
I still check their website for news of a new Hydro Thunder/boat racing game. I don't really care about jet skis or mobile games, so I've been disappointed so far. I remember reading a blog about Barracuda coming from them wanting to make an arcade style game like Hydro Thunder or San Francisco Rush (My favorite arcade racer ever), and that they eventually wanted to do something similar to the game Blood Wake.
Unfortunately, I'm still waiting for the next Hydro Thunder, Barracuda, SF Rush successor, or whatever from them. If you don't have much to do, the PC version of the original Hydro Thunder can be obtained for free with slightly shady measures. Apart from that, I don't know of any good games that match the feel.