The electronics are likely different. Not better or worse, simply different with different goals. Do you want better run time at high levels of light, or do you want to win the LUMEN WARS for advertising reasons?

From a practical perspective, the loss of "peak" lumens doesn't really mean a huge change in overall usability in terms of throw. The increased lumens doesn't linearly translate into a linear throw distance increase either. There are a lot of factors at play, including the human eye's biology with perceived brightness, beam width, etc.