Objective size has little to do with light gathering ability.
Higher end glass and coatings of a 1.5-5x20 VX-3 will be brighter than a 2-7x33 VX-2.
Plus wider FOV and better mounting options as mentioned above.
Scopes do not gather light, they transmit it.
Objective size directly correlates to the size of the exit pupil in relation to the magnification.
The 1.5-5x20 will have a smaller exit pupil on 5X than the 2-7x33 scope will at 7x. (4mm and 4.7mm respectively)
The 2-7x33 at 5x will have a 6.6mm exit pupil, so it will be capable of more light to the eye, meaning more light available.
There is far more to the equation than simply coatings.