As everyone said, replace with what the manufacturer says. It is an engineered system.
You could run a larger HP motor at a higher RPM (which as others have said is not necessarily a good idea). Running at a higher RPM requires changing pulley size if belt driven. Not easy for direct drive.
The motor might run very slightly faster because it is not loaded as near to its rated HP. That would slightly raise the current and electrical power used. It should run cooler. I believe it runs more inefficiently, with increased losses. I believe efficiency is the major reason not to increase the HP. Starting current would be higher, which existing equipment might not like. But it should be up to speed faster.