I think it's most a matter of geometry. A Mag incan bulb sticks up about a half inch or so from the socket. By raising/lowering the bulb relative to the reflector, you change the shape of the beam.
LED emitters tend to be mounted on pills and are relatively flat. Unless mounted on a tower adaptor, they don't stick up from the socket, and thus it is difficult to move the source of the light relative to the reflector. Difficult, but not impossible. There are LED emitters that can retain the focusing capability of a Mag. For example, the Malkoff drop-ins have the emitter mounted at the top of a tower so that it maintains the focusing ability. You can see pictures on the Malkoff Devices site (
www.malkoffdevikces.com). Also, there are a number of LED bulb replacements that also mimic the geometry of an incan bulb to enable focusing.
Outside of Mags, there are other brands of LED flashlights that also offer focusing capabilities (for example Coast lights). They're out there; you just need to look for them.
optodoofus