The resource pack attached offers a complete fix for this issue. Mojang have my full permission to (and are encouraged to) replace the affected vanilla model files with the contents of the resource pack.
Download resource pack:
21w39a - v1.0:
21w40a - v1.1:
The bug
The template model used for wall torches is called "template_torch_wall.json". This name is inconsistent and unintuitive - all of the model sthat actually refer to this template are called "wall_torch.json" and similar such terms, and the IDs of the blocks which use these models are also called "wall_torch" and similar.
How to reproduce
Extract the minecraft.jar file by one's preferred method
Navigate to assets/minecraft/models/block
Locate wall_torch.json
Note that the template it references is called template_torch_wall.json, rather than template_wall_torch.json.
Expected result
The template model would be called something like tempalte_wall_torch.json to be consistent with those that use it.
Actual result
The template model is called template_torch_wall.json, completely defying the expected name order.
How to fix
The resource pack attached fixes a substantial amount of issues with torches. As well as resolving this naming quirk, it fixes all of the following problems:
(1.0+) MC-109087 (partially) - The bottom faces of floor torches are now culled against solid blocks
(1.1+) MC-177452 - Several faces which are never visible under normal circumstances have been removed from repeaters
(1.1+) MC-177453 - Several faces which are never visible under normal circumstances have been removed from comparators
(1.0+) MC-214625 - Unlit redstone torches are now shaded differently per side to match other non-light-emitting cuboids
(1.1+) MC-214662 - Lit torches on redstone repeaters and comparators are no longer shaded depending on direction
(1.0+) The wall torch template model has been changed to face south by default rather than east, to alleviate confusion
(1.1+) Ambient occlusion has been re-enabled for inactive redstone repeaters and comparators
In addition, formatting has been fixed for all of the models to improve readability and for consistency.
A resource pack which exclusively fixes the naming issue can be attached upon request, however I'd strongly recommend fixing all of these other issues as well, as it comes at no extra time or labor cost.
Linked issues
Attachments
Comments

How is this a bug? Is there a name inconsistency? Please provide more some more information then just "shouldn't it be called ...."

Yes, it is a name inconsistency.

Why has this not yet been reopened?
This is not a bug.
I've reopened this but it's a very poor quality bug report. Please improve the description.

@unknown Rewritten and clarified.
Confirmed for 1.17.1.
Can confirm in 1.19.
[media]
This does not have gameplay impact.
So naming inconsistency reports are no longer accepted?
This inconsistency does affect resource pack creators.
Can confirm.