In the end it really does not matter what material it is made of as long as it meets the advertised specs... which it does and always has. The hitch is designed for light weight towing when properly installed and weight limits are observed.If it were a forged piece I would have more confidence but it is cast steel. LR needs to man up and offer a solution to owners of older vehicles.
Just because someone has a hitch available does not mean they should be towing anything they like. Just because a rig has a V8 does not mean they can tow more weight. When you see some pimple faced kid with no experience rents a moving trailer to someone with obviously no experience towing it can hardly be the fault of hitch company if something goes wrong. In our area we have quite a few bridges. Several times a year some overloaded moron will loose their load and snarl traffic because they knew nothing about proper loading, tongue weight, sheer forces, wind loading... etc. Should these folks complain to Reese, UHaul, GM, Ford etc because if the system was built stronger their ignorance would not have been an issue?
LR can hardly needs to "man up" or offer anything to people that are unable to properly use the equipment offered. You can not engineer or manufacture for stupidity because there will always be someone with no common sense or thinks that designed limits do not apply to their situation.