I'd never thought about this. For lighting it doesn't matter at all whether you generate AC or DC - it's only when you need to power electronic equipment (eg USB charger) that you need some form of rectification and smoothing.
Do modern dynamos that can power USB devices still generate AC, or do they have the commutator rings wired to reverse the phase of the negative cycles to give full-wave rectification? I suppose it's about as easy to modify the generator as it is to add a couple of extra diodes as part of all the other electronics needed to provide a smoothed and regulated 5V for USB, together with a bit of storage in a battery to cover times when you are going slower or when you stop at lights.