A good 50Ω load is a useful tool for troubleshooting.
It's entirely possible that the new radio had the RF output turned down by the previous owner. There are applications where more RF power isn't desired. It may have been a limitation on the license. Sometimes we'll do it with our mobiles to help extend the life. In reality, that 20 watts isn't making a big difference in your coverage.
Also,
Check your DC power connections. Not sure if Icom is still using the glass AGC type fuses in their power leads, but if they are, they are known to have some voltage drop across them. As your DC voltage goes down, so will the RF output. Check any crimp connectors to make sure they are properly crimped.
With used radios, you never know what you are getting. May have been an intentional turn down of the RF power. Could have been someone screwing around with the alignment and not knowing what they are doing. Could be a bad antenna jack. Could be a broken solder joint on the back of the connector.
Having the right test equipment is important. It may be worth the money to send it in for check up. If it's working correctly, other than the low power output, it may be just fine.
Professionally, however, I'd suspect that something is either wrong with the radio, or someone made adjustments to it. Unless I knew for sure that the person who did that had the right test equipment, I'd probably spend some time realigning the entire radio just to make sure it's working to spec and not going to interfere with other users.