For proper rendering we should use mathvariant="normal" elements in chemistry. I don't think this affects MathCAT, since one of the tests uses this form.
Should be like this:
<math xmlns="http://www.w3.org/1998/Math/MathML">
<msub>
<mi mathvariant="normal">H</mi>
<mn>2</mn>
</msub>
<mo>+</mo>
<msub>
<mi mathvariant="normal">O</mi>
<mn>2</mn>
</msub>
<mo>→</mo>
<msub>
<mi mathvariant="normal">H</mi>
<mn>2</mn>
</msub>
<mi mathvariant="normal">O</mi>
</math>