I may be new to boating but my boat did the same thing and it was cavitation of the impeller. I couldn't go over 6 mph on our first day. Some webbing from the trailer had gotten left on the trailer and was sucked up when we put the boat in the water. We took it out and it ran great.
In my naivite I am assuming you checked that already.
Sounds like something caught in the impeller. If you can't see it,it doesn't mean its not there. I had a 6 inch stick caught between the wear ring and the impeller. I couldn't see it until the pump came off. Good luck!!