1994 Chevy 1500 loss of power slow acceleration what could this be

Check the cat temp at the inlet and outlet, then compare. If (after everything is warmed up, say 10 min of idling) the outlet is hotter than the inlet by a significant amount (over 100°F difference), the problem is not the cat. If the cat out is cooler or about the same as the inlet, then it is the problem. If you then determine this as the issue, take the cat off and see if it runs/drives better. Gunna be loud, but before you assume it's the cat, check things first.