It depends on the discipline. Time trialists are usually taller and heavier. A larger rider is usually able to produce more absolute power and will be fast despite having a lower power/ weight ratio than a pure climber. Taller riders are able to overcome the reduced aerodynamics of having a larger frontal area by producing more power. The relationship between frontal surface area and power is non-linear, and the benefits of higher absolute power often outweigh the costs associated with a larger frame.
Climbers on the other hand benefit almost entirely from power/ weight ratio. Its much easier to put out 6 watts/kg at 65kg (390 watts) than at 80kg (480watts).