1996 Yamaha Waverunner III (WRA700) - Bogging on acceleration once warm

I've got a 1996 Yamaha Waverunner III (WRA700) that runs great for about 10 minutes. After that the ski starts to bog when I quickly accelerate or if I pull the throttle any more than about 60%.
First thing I did was rebuild the carb. Took the ski out again and had the same exact issue. The next part I replaced was the ignition coil. Took the ski out again and still had the same exact issue!

A few mechanics I know also told me it could be any of the following...
- Bad pistons/rings causing the ski to lose compression once warming up.
(I did a compression test when the ski was cold and got 150 and 145 LBS on the cylinders.)
(I will be doing another test after letting the ski warmup for about 10-15 minutes and see if my compression is the same.)

• Exhaust leak in the engine bay causing engine to choke itself. (hard to troubleshoot as engine is not under seat and is under handlebars so I cannot ride with the compartment open)
• Clogged gas tank air intake

If anyone has any other ideas or has experienced the same issue let me know! Thanks!