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Why don't smart watches use USB-C to recharge?
(shkspr.mobi)
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And that requires more space than a typical port. In a compact device that is difficult. A flashlight is literally one of the simplest electronic devices there is and bulk is often a plus for comfort.
You might be surprised at everything going on inside a modern flashlight. I'll grant that it's probably easier to find room for extra seals around the port than in a smartwatch though.
Still not nearly as complex or compact as a smart watch. A little microcontroller versus an arm processor.
A switch mode LED driver can be made very tiny with as few as 4 components. Battery protection and a single cell battery charger can also be very simple.
Then again my flashlight has a microcontroller with open source firmware on it