To take advantage of the energy that you get from heavy braking on the front wheel the bike would need to have a battery that can charge extremely fast (which doesn't exist right now) or capacitors. The problem with capacitors is that they aren't dense enough, and there isn't enough space on a bike for them.
Perhaps one day it will be possible to get all (or as much as the laws of physics allow) of energy lost to braking. Until then, rear wheel regenerative braking is better than nothing, and does okay at simulating engine braking.