Surely this heat could be harnessed for something ??
Quite right. There are a few ideas.
One of my faves is a guy who invented the 6-stroke engine. First four are the same as normal, then the 5th is squirting water into the chamber which turns into steam and gives another power stroke. The engine needs no other cooling and runs slightly warm to the touch.
A nice advantage of hybrids is that you can generate extra leccy from all sorts of other systems and feed it back into the system.
My ideas:
Connect a generator to an exhaust turbine, much like a turbocharger.
Use resistive damping on the suspension to generate current
Use a turbine to generate power from the super heated pressurised water in the cooling system instead of a radiator.