Yamaha released powervalves in the early 80's & were controlled by a counterweight that was mechanically connected to the crankshaft. A pair of cables were attached to a rotating powervalve in the alloy exhaust port area - the higher the rpm, the more the powervalve would open.
They then moved to an electronic servo which was controlled by the cdi & changed the rotating powervalve to a flat sliding type.
This type is still used today in their motocross & grandprix bikes.
The difference in the powervalve requirements between bikes & jetskis are:
Bikes have constant hook up to the track surface
Bikes take a longer time to rev out & utylise a gearbox to help
Bikes are not constantly covered in salt water
Jetskis are not mechanically hooked to a track surface
Jetskis power is on/off & free rev to full rpm quicker
Jetskis speed catches up to rpm, not the other way around
An electronic powervalve would not see it's full potential with a jetski as the rpm is so on/off
Electronic powervalves would require so much extra mantainance compared to a pressure type powervalve to keep salt water out, & how many people in the scheme of things do heaps of mantainance on their skis
A pressure type powervalve is best suited to a jetski because it matches the throttle response of the motor, on/off
A proper electronic powervalve setup is very expensive to build as you need a servo plus a new cdi that has the powervalve mapping built in, or an aftermarket ignition that has the capability of switching a circuit on/off where selected, but this system would still only be an on/off system, not a progressive one like proper factory electronic powervalve systems are