In a humbucker, coils are wired in series but with reverse polarity and out of phase. So, with the same number of turns (and despite the phenomenon of "mutual inductance"), a humbucker has a lower overall inductance* than a P90 (like 3.7H to 4.8H for the humbucker vs 5.9 to 7.5H for a P90). This parameter alone makes the humbucker slightly weaker electrically, albeit it compensates this loss thx to a more efficient "magnetic window".
The two magnets of a P90 also make it a wee bit stronger magnetically just above the pole pieces - and a P90 sounds weaker / thinner with one magnet only, although it doesn't loose much inductance (because the repelling magnets limit it when there are two bars under the coil).
IOW, guitar pickups are falsely simple - and I'm not even sure that my explanation is optimal, therefore. ;-)
*Indifferent note: in a stacked humbucker with symetrical coils, the overall inductance is even lower... TWICE lower than if the same stacked humbucker was converted in a noisy giant "dual single coil" by wiring it in series and in phase. That's why first generation stacks tended to have a very high DCR: much more wire was necessary to obtain an overall inductance in the ballpark of a real single coil...
Interesting! What is a magnetic window?
In a humbucker, coils are wired in series but with reverse polarity and out of phase. So, with the same number of turns (and despite the phenomenon of "mutual inductance"), a humbucker has a lower overall inductance than a P90
... but the humbucker is still a wee bit more efficient magnetically... so what is the final result?
Below is the response of a neck P90 vs a neck Gibson HB, both played in chords from unfretted strings to 12th fret, direct to the board, through a 1M input...
These spectra look like a mix between the various sims and measurements previously shared... but they don't translate a SO different overall response and volume finally.
All this fuss for so little progress!
And don't start me on "transients" or my contribution will get worse... <:0)
FWIW : Useless rambling from an old geek. Still not sure it's an optimal explanation. Hope it will bring something to other geeks, nevertheless... ;-)
Number of winds isn't the only factor in the output of a pickup. Strength of the magnet factors in also. And everything freefrog posted.