God is the Doer of the Verb

Bullinger, The Companion Bible, note on the name Israel, Genesis 32:28, page 47.

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Verse 27
What is thy name? Figure of speech Anthropopatheia. For He knew his name.

Verse 28
Jacob = contender (Genesis 25:22). Used of the natural Jacob and his natural seed. Israel used for spiritual Jacob and his spiritual seed.

Israel = "God commands, orders or rules". Man attempts it but always, in the end, fails. Out of some forty Hebrew names compounded with "El" or "Jah", God is always the doer of what the verb means (compare Dani-el, God judges).

prince = commander, orderer. Here used not to dignify but to reproach. Compare Genesis 12:15, princes (courtiers); Genesis 26:26, chief of soldiers; Genesis 39:1, officer; Genesis 40:2, chief; Genesis 40:3, jailor; Genesis 47:6, herdsmen; Exodus 1:11, taskmasters, &c.

hast thou power = hast thou contended. Jacob had contended with Esau in the womb, and thus got his name Jacob, which is referred to here in reproach, not in eulogy.

prevailed = succeeded. He had contended for the birthright and succeeded (Genesis 25:29-34). He had contended for the blessing and succeeded (27). He had contended with Laban and succeeded (31). He had contended with "men" and succeeded. Now he contends with God and fails. Hence his name was changed to Isra-el, God commands, to teach him the greatly needed lesson of dependence upon God.