Plastic was introduced to the hobby because it was substantially cheaper due to lower tooling costs and materials. But that was another time.
The dies produced for today’s zinc alloy castings aren’t made to last decades any longer, a nod to the size of the hobby market and realized savings. So the tooling issue is roughly the same as plastic for steamers.
A steam locomotive produced from plastic would carry a cost difference of maybe 10 or 15 percent.
As for the market, if plastic is so superior, why then have Bachmann, Broadway Limited, MTH and others (including Model Power, whose line continues under new ownership) produced diecast steamers in lieu of plastic ones in the past 20 years in N and HO scale? Answer: Better weight, increased durability and perceived value.
For O gauge, the die has been cast. Metal steamers are preferred by the huge majority, so accept it and move on with your lives.
Oh, and no one is suggesting that zinc rot doesn’t exist, and Chinese production, which for our hobby relies too heavily on small-time subcontractors who don’t follow production standards that became well established after World War II, can be problematic. But the problem is easily correctable, and the vast majority (like more than 95 percent) of our models produced in China exhibit no zinc rot problems whatsoever.