It seems to me that we reached peak torch some years ago, at least for the smaller pocket lights. Many modern torches offer only small benefit compared to older ones, and sometimes they are a step backwards. We do get better runtimes thanks to more efficient emitters, 21700 batteries are nice, and those powerful emitters, such as the XHP70.2, are fantastic but require a larger body to allow continuous high output, otherwise they max out at about 600 lumens.
2AA NiMH
Many years ago I bought an Olight S15 light. There is nothing today that can match it. The Olight i5t Plus has a more efficent high mode, but the middle mode has gone. So you have very bright, or very dim, nothing in between for those really long walks. The Acebeam TAC 2AA has dreadful regulation with NiMH, but great with lithium. Why?
AA NiMH and lithium
The Olight S15 without the extension tube is as good as most modern AA (NiMH and lithium) lights.
4AA
These have gone out of favour, not surprising as they were big and heavy.
18650
My old Sunwayman C23C has three nicely spaced modes, high is 600 lumens, nicely regulated with a good runtime and moonlight is hidden. It is compact and beautifully made. Modern lights can offer better runtimes with modern emitters, but that’s all. Many modern lights have dreadful regulation, some have poor mode spacing. The Acebeam EC20 is beautiful, but with three closely spaced high/turbo modes. Why? Oh yes, we all want SupaDoopaMegaTurboSunBright mode that can fry retinas and lasts ten seconds before plunging to exhausted glowworm level. Olight have taken to using proprietary batteries. Why? Well, we all know why. Fenix are nice, but rather expensive, and they use their own UI which some of us hate.
I guess manufacturers make what sells. Good regulation doesn’t sell. Deceptive output claims sell.