Could just be leaves and debris inside pump, or a plastic shopping bag or something. Crawl under boat on trailer and look up inside to see if there's something up in thee that can be pulled out. Also put boat in forward to open reverse bucket and look up inside the nozzle into pump outlet to see if something's up inside there.
When did this problem happen, first time in water after winter or after running in shallow weedy water? Could have sucked up rocks and sand from the river bottom? Was the boat being operated in a swamp or ocean at the time?
Any and all info may hold clues to what's going on.
You may be able to reverse flush the cooling system to remove debris, or you may have to disconnect some hoses and reverse flush that way.
Usually, if something is inside of the jet pump, the engine will spin fast and hit the rev limiter, and not provide any thrust. Since the engine also overheats, sounds like whatever it is causing lack of pump hydraulic hookup (no load on engine / lack of thrust) is also blocking cooling water to the engine, the engine receives it's cooling water from the jet pump through a cooling hose connected to the pump.