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This same thing happened to one of my co-workers. She was doing work at a skill level well above what she was hired for. While she had plenty of on-the-job training for the position, she did not have any "formal" training for it. After a year or two in the position, she asked for a raise to compensate for the level of skill she was working at. Management responded by saying that they would simply fire her and hire someone "qualified" to do the work she was already doing at the higher rate she was suggesting.
HR has no way to determine if you are being under utilized until they get a job description of what you do. If it is vastly different from the job description you were hired for, they could save moeny by hiring someone cheaper for the job description you presented.
Granted, it can be somewhat short-sighted, but it looks good on their reviews.
