This has already been covered, but there's a difference in notation here. Primary batteries (eg, disposable batteries) usually report their starting voltage, which is 1.5 in the case of Alkalines. Rechargeables usually indicate their AVERAGE voltage throughout the runtime, this leads to confusion and a lot of misinformation that NiMH batteries won't work as alkalines replacements because ther voltage is too low -- simply not true.
In either case though, the voltage of the batteries has to do with the chemical reaction that is used to store the energy.
Coincidentally, 3 NiMH in series just happens to have a voltage curve VERY similar to a single LiIon cell. (ie, LiIon is 4.2V peak, 3.6V nominal... NiMH is 1.4V peak, 1.2V nominal)
Also, why arn't 18650's 6 volts like the 123a primaries they replace? Thanks for your help!
One point worth noting is that using 18650s in flashlights (eg, to replace 2x CR123s) is an afterthought. 18650s are basically the most commonly used to build laptop computer battery packs, and hundreds of millions are manufactured for that purpose. The number of 18650s used in flashlights is probably only in the tens of thousands.