Obviously a decent hood design is not rocket science and there are plenty of examples to copy!
Since just about every other motor manufacturer has managed it, I can't help but agree with you, Peter!
I have a Simmonds hood on my car, and it's completely water tight. The only real disadvantage is that it uses two over-centre clips to hold the front down, one on each side of the windscreen. This makes it a bit slower to erect and the latches protrude and create wind noise.
I can't think it beyond the wit of man to devise a system like the MX5 where there's a single central clip that can be operated from the driver's seat.
I remain convinced that it's not beyond the ability of MMC to create a watertigth hood, rather it's the case that they don't think their carss should have hoods at all and only offer them as a sop to people who insist on be able to drive in the rain without getting wet.