I am not positive, however GM is well known for not reinventing the wheel. The 327 had the bore of a 283 engine and the stroke of a 350 engine. This smaller bore longer stroke engine generated greater hp and torque with bigger and bigger cams and high compression piston. The cars were also getting bigger and bigger. Around 1975 emissions requirements required lower compression engines ( from 9.5 - 10.5 to 7.5 - 8.5 ). Gas prices increased and engine performance & fuel economy lowered.
Around 1990 computer designs showed ( GM looked real close at what Ford was doing ) that the 5.3 liter (327) incorporated the ideal bore to stroke design. This meant more efficient combustion, higher compression (without engine knock), more HP and torque, and better fuel economy. Add a roller cam , computer controls, tuned intake, better breathing heads, and a better scavaging exhaust - you get a responsive,fuel efficient power plant.