I have downloaded 3.2.2 and via the dashboard set the power by not to show, but the option still shows, always returns 1 for $params->get('showPoweredByLink')
Each of the modules has their own setting for "Show Powered by Link", so you'll want to set it in whatever module is showing the Powered By text as well. The setting in the component is for displaying that link on the Login/Register page when a user's registering for the first time (and you have User Creation set to Full Joomla User).
Power by link option
