Wear Ring
A bad wear ring will cause cavitation. When your ski cavitates it feels like if you were driving a car it feels like the clutch is slipping. The ski is over revving for the speed you are going.
Could be something else but the wear ring is the most common. Check the wear ring by visually inspecting it, look for chunks missing and check the clearance between the impeller and the wear ring, should be no more than .04." you can check it with a feeler guage.
While you are there check the impeller for any dents or dings.
Lou