[Badger]

I think what we see when he hasn't hit the boat is another KQ. Maybe you're getting paid off by QcTc here, or some other unlikely holding. I think raising and calling is throwing away 2 bets here way more often than you are pulling in another bet or two.
That's another reason for calling. Often when you are ahead villian can bet/call only costing him 1 extra bet (or b/f costing him 0 extra, which is highly unlikely here), whereas when you are behind he can charge you two bets. You've gotta be good here more than half the time to raise the river. I doubt that you are.