Early Hondas (CB77 for example) had permanent magnet single phase alternators without any regulator. The headlight switch would connect extra alternator windings and make the extra power, but it was hit and miss... you hoped that the battery wouldn't go flat or "boil" dry. Getting a year out of a battery was a good year.
The SOHC4 3 phase alternator is a big improvement. The induced field system keeps the rotor quite light, the 4 cylinder engine doesn't need a heavy flywheel and lighter means quicker revving up on the engine and less stress on the gears when shifting. Electrical output is regulated to provide just enough power to charge to and maintain battery voltage at a full charge level. Hopefully, at least. Using high power headlights, driving lights, heated gloves or vests, modified ignition system... there's only so much power available and there isn't much "extra" above a factory fresh bike's load.
Most current bikes have permanent magnet alternators. Magnet metallurgy has come a long way since the 70's and very powerful magnets can be small and light. Most systems do just dump excess power into heat, true. On a 100+ HP engine, one or two HP being wasted doesn't really matter, for a 750 with 60 or so HP it may matter - for a 350-4 it probably would be missed. Some do have actual regulators controlling output without wasting the excess, but the cost more that the shunt type. These bikes are designed with extra power available to handle accessory load, but every 746W of alternator power wasted is one horsepower wasted.
Another alternative is a DC generator, really old cars had them and probably some bikes too. These requires sliprings or brushes that wear out and generate sparks and electrical noise. Rarely seen except on antique cars and industrial equipment.