From the power triangle, Power Factor = Real Power in watts / Complex Power in VA
The load current = Voltage / Load Impedance.
From what you are describing it sounds like load voltage and impedance are changing which makes me believe that you are using a motor?
Motors could behave like that. They have maximum efficiency at about 70-90% full load current which explains the higher power factor at higher current.
So, how can you improve this?? In my opinion you need to analyze your application needs; how much time is your application utilizing 120A and how much time is it working at 30-40A??? Then you decide which scenario to improve.
ALSO, if you would like to go more advance (and expensive) then you can monitor the power factor AND using various controls you can have the different PFI kick in, at the corresponding power factors to increase thus keeping your power factor at high levels all the time.