I think the key is that you're doing the Bevel and Emboss a little bit backwards.
To replicate that image, I would instead apply the Bevel and Emboss to a wood panel that has the area "punched out":
We still need something for the backdrop, so I duplicated the original layer and offset it by a few pixels down and to the right (this will help with the depth effect in the finished product)
To the top layer, I will apply the Bevel and Emboss (using these settings)
We're still not fully there, the original image has a lot more depth. There are two final touches to make. The first is to add a drop shadow to the top layer to really bring it out (I used these settings):
The final touch is to darken the bottom/background layer. I used an adjustment layer, but there are of course many ways to do that. Here's what the finished product looks like: