I agree, I have an older JETbeam PA40 that I really like for that reason, I believe they recently came out with a ~700 lumen version I've thought about picking up. It used a metal head and polymer body. Not only do metal bodies feel cold, unless they have knurling they are slippery. I've used flatted bicycle tubes in the past to put over metal body lights, but they dry out and crack after awhile. Large diameter heat shrink would probably work too.
Part of the problem is probably cooling, lights get so hot so fast now, that they probably really need the whole light body to be a heat sync. Some of these new 1000-2000 lumen smaller lights you can feel getting warm in just a few seconds, much less minutes in "turbo" mode. Sadly the reality is that right now max lumens is absolutely driving the market, even if it can only maintain that level for a couple minutes.