Bear in mind that juice from the battery powers all the electrical loads on the bike and the elect starter is a big one. That big draw has to be replenished by the alternator (though the diodes) after the engine is running.
You haven't mentioned what state your battery is in: charged or depleted. A depleted battery will place additional loads on the rectifier and make it hotter.
A fully charged, unconnected battery with no load will be about 12.6 volts. The charging system will try to bring the battery voltage up to about 14.5V, which it can take without damage. However, it takes time for a depleted battery to actually attain 14.5V and may do so quite slowly. This is why charging systems are checked with a known fully charged battery.
Once 14.5 V is attained, the VREG tells the alternator to back off. The cruise down the road Voltage will likely wander around 13.8V.
You are aware that your alternator won't make enough power to run your bike electricals at idle RPMs. The battery depletes at that time. And, the voltage will certainly fall with time in that state.
Any any rate, the rectifier will heat relative to how hard the charging system is trying to keep the battery voltage up. It can get quite hot if you have higher than stock electrical loads AND a depleted battery. When it is working hard, you probably won't be able to hold your hand on it. That's why it has all those fins on it, to make as much contact with the surounding air as is need to keep the internal temps down to survivable levels. Something around 70 degrees C I'd guesstimate.
Cheers,