I agree about the thinking, Jim.
Reach has become a popular measurement of late because as you says it gives an indication of how much stretched or otherwise a rider is when they’re out of the saddle. So it affects body position when you’re descending. A short reach could result in you being too upright on a bike when descending, or hung too much over the back, or too much over the front.
Top tube length probably is more relevant than reach when a rider is seated, so is probably a bigger influence when climbing. I should probably be considering it more than I am, I got persuaded that reach was the important thing when I was shopping for what became the Mega last year and I’ve probably let my eye off the ball when it comes to the other numbers.
Thinking about it I don’t feel too stretched out on the Mega either when seated or out of the saddle. It probably does feel shorter when I’m seated than when I’m out of the saddle, as would be suggested by its short top tube relative to its reach. Overall I’m happy with its shape. I’d be OK with a longer top tube. I wouldn’t want to reduce the top tube or the reach really.
A steeper seat tube angle will reduce the top tube length relative to the reach. Or from a different perspective, increasing the seat tube angle while keeping the top tube length constant will increase the reach. A 90 degree seat tube angle would result in the reach and top tube lengths being equal.