Yeah, you are right. A really big stockpot would be just as good...
-Blast
Don't get me wrong, it is an interesting design for a pot that looks well made. But I really don't think there is anything particularly special about the milk can design from a functional point of view. Having a firmly attached lid, nice latches, is a plus but otherwise it is just a pot. Albeit a rather nice pot.
If anything I would think that a wider bottom would spread the heat and better allow some fluid motion that might keep the contents from burning on the bottom.
Given that stainless steel latches of similar design are commercially available, and I happen to own, and be fairly handy with a pop-rivet gun, I don't see why I couldn't find a suitable stock pot and install my own heavy-duty latches to help keep the contents in and dirt out during rough handling over a campfire.
That assumed the lock-down lid is really desirable. Seems to me our ancestors did a lot of cooking over fires and most of their pots lacked any way of locking on a lid.
I've seen what must have been ten gallons or more of stew cooked over a fire in a large stock pot. The only special provision they had was a large steel ring with two short lengths of chain and hook on the end. This was hooked onto the handles on the sides and a stout wooden pole inserted into the ring to allow two people to lift the pot without having to stand in the fire.