@Zef
You are getting into the topic of those who innovate and those who copy. If you don't have to pay for R&D, then you have quite the competitive advantage.
Sort of. The flashlight isn't exactly new. Using flashlights underwater isn't new. I don't think any manufacturers of dive lights are manufacturing their own LED chips or drivers. Maybe I'm wrong but if so, their board should clean house (if they have a board). I'm just some guy and I'm working on making my own light. They really aren't all that complex. Housing, reflector, lens, battery, switch, driver, led. That's about it. Maybe you modify the housing reflector and lens so that the light can be "focused" into a tighter or wider beam. Most drivers are capable of varying power, it's just a matter of utilizing the feature in your driver i.c.
Now, you could reinvent the wheel I suppose. Maybe you'll create a vastly better product than your competitors. Most manufacturers of lights are just selecting different components that I listed above. Of course, most manufacturers probably do design their own housing in order to "differentiate" themselves. There's a company in cave country making some high end LED can lights that people rave about. Personally I don't understand what the big deal is - but I'll admit I don't know everything.
As I said, I've got the crappiest light I could find - a $7 1000lm light with a plastic body. It's about 4 years old now and going strong. It's been in caverns, caves, and down to about 130' a few times. It actually cost less than the 18650 battery that it uses. I wouldn't use it as a primary in an overhead or even as my first backup... third light though, yes. LED lights are a lot more robust than incandescent or HID lights that divers used in days past. Those were expensive and fragile, with gigantic battery packs. Other than for nostalgic reasons, those days are gone. Modern lights are a cheap item that can be expected to work for a long time (assuming it works at all).
As with all dive gear, proper maintenance is not optional if you want it to work correctly for a long time. Most critically, inspecting and lubricating o-rings imo.