Which old factor? The one in pre-2012 iMacs? A lot of people think that the new form factor is somehow worse for thermals, but when you look the space reserved for a gpu combined with better cooling, it is practically the same. In fact, the new design is more thermal efficient. The reason newer iMacs can get hotter is because of hotter GPUs, not because of the form factor (just compare it with the 2012 iMac that had the same factor but used the 680MX).
Even if you used a pre-2012 chasis, that form factor still wouldn't allow full desktop cards today. If you want to run cards that you want with cooling that you want, then you'd need like a 10cm thick iMac. And that's not what iMac's about. And the form factor is not what's preventing Apple from using mobile Nvidia cards that you all want, it's a mix of technological and business reasons (probably).
I just don't understand how you people don't get it: the iMac is NOT about gpu performance. It's like trying to race offroad with a limo. The idea behind an iMac is a sleek, beautiful, powerful machine that runs pro apps and is geared mostly towards the designers and artists that, actually, care how their desks look and how their computers feel. The iMac 21" looks great, feels great and runs Adobe CC apps great, it runs Autodesk apps great, it runs Corel apps great - do you see what I'm getting at?
To paraphrase Jobs - you're using them wrong.