In boxing, you're more likely to get hurt by the punch you didn't see coming than the punch with a lot of power behind it. Endurance is essential because when you get tired, you get sloppy. Speed is essential because it allows you to catch your opponent off guard, and bring your fists back quickly for defense. The kind of "ripped" that you may be thinking of — bodybuilders or movie stars bulking up for a role — isn't very good for the quick motions or endurance that's critical in boxing.
Boxers also tend to be leaner because of the weight classes. Between two fighters of equal weight, the taller guy has the advantage because of his reach. Boxers tend to try to stay reasonably slim so they can compete in a lower weight class where their height will give them an edge.
Finally, a really powerful punch has way more to do with mechanics than muscular power.
Here's a picture of Timothy Bradley, who's one of the more "ripped" fighters in his division, but has relatively weak punching power.
Now here's a picture of Andy Lee, who usually looks a little scraggly next to his opponents, but has a right hook that's known to drop the other fighter in a single punch.
The boxing physique is all about speed, endurance, reach, and leverage.
Timothy Bradley has other things going for him besides power, most notably, he's got more heart than nearly every one of his opponents. He's easily considered an elite level fighter.
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