I've a Taurus 85 Ultralite. These have titanium barrel shrouds in which a standard stainless barrel is pressed in.
Apparently, the titanium doesn't have desirable mechanical properties for rifling. If I recall, it's too elastic.
Not to mention the cost, if you miscut (ruin) the barrel. I've read Taurus has scrapped quite a few forgings for their Ti guns, due to miscuts.
Reckon someone will make one, sooner or later. Using Ti might well be a good sales ploy.