If you consider just the static forces then indeed the thickness might seem over-engineered. However, engine blocks are not statically loaded. They operate in the range of a  few hundred to a few thousands rpm. So there are dynamic considerations here. 

# Fatigue limit

When materials are subjected to cyclic loading they exhibit a reduction in the allowable stresses. See below for an example.

[![enter image description here][1]][1]

In general BCC materials (like steel) show a marked drop in strength (close to 50% or more depending on the steel). After a certain point, there is a stress that they can endure it indefinetely.

On the other hand FCC materials (like aluminium) have a very bad fatigue behaviour, and depending on the number of loads they need to over-engineer the structure.  

# Vibrational Considerations

A second reason, has to do with vibrations. More specifically how to avoid having the engine magnify the vibrations. 

I'm sure you've noticed at some point that when an engine drops below certain rpms it starts to vibrate quite considerably. This is because it is at an frequency region near resonance. 

In the following image you can see the magnification factor for different damping ratios ($\zeta$) and frequency ratios ($r=\frac{\omega}{\omega_n}$). $\omega_n$ is the natural frequency. If the excitation frequency (i.e. rpm) is close to $\omega_n$ then vibrations tend to magnify (see [Tacoma Narrows bridge](https://en.wikipedia.org/wiki/Tacoma_Narrows_Bridge_(1940))).

[![enter image description here][2]][2]

Although, it would be best if engines worked at a frequency ratio $r= {\omega \over \omega_n}$ which is close to zero, for many reasons its not feasible. So most engins opt to operate in a region close to $r>1.5$, so that the magnification factor is less than  

In order to do so they have to make sure that the operation is at r>1.5, they need to make sure that at the lowest operating rpm of a car (lets assume 750rpm$\approx 78.5 \frac{rad}{s}$) is greater than  $\omega_n$ by at least 50%. (i.e. $\omega_n$ should be in the order of 50-55 rad/s).

The (simplified to a SDOF system) equation to calculate the  $\omega_n$ is 
$$\omega_n=\sqrt{\frac{k}{m}}$$

where:
- k is the stiffness of the supports
- m is the mass of the engine block.  

So in order to reduce the natural frequency, they need to increase the mass.  By increasing the natural frequency, the frequency ratio becomes higher. Therefore, in some cases having a greater mass can be used for added stiffness, and it also has the added benefit that it distances the engine operation from the resonance range. 

  [1]: https://i.sstatic.net/VlPC6.png
  [2]: https://i.sstatic.net/8ZvRy.png