You make a good point about power factor matching with the added resistance, but I don't really think it would matter all that much because actual power factor correction involves complex impedances and there aren't any capacitors or inductors in this stainless steel band that I can see.
Another problem I see with it is: Why does the problem only occur at the bottom left seam and not on the top seam? I did some more investigating to try to figure it out, and even thought of a way to fix the problem:
Photo courtesy of iFixIt.com
See that brass screw mounting point on the right? That's what brings the larger stainless steel band into contact with the antenna system. Interestingly enough, it's located right where the signal attenuation problems occur! (This is the back of the iPhone, so it's located on the lower right rather than lower left). When you bridge that seam whether it be with your finger or any conductive material, it shorts out the antenna! This is a small enough distance that it has an effect. This would explain why the signal attenuation does not occur at the seam at the top of the iPhone 4, near the headphone jack: because it's too far from this location for the current to be grounded to the Wi-Fi/Bluetooth/GPS antenna. That extra length makes the resistance too high for there to be a significant short across to the other part of the stainless steel band.