I was also surprised to read that heat is proportional to the current. In addition, increasing the temperature also increases the resistance in the conductor (Cu). It's around 0.4% per 1C for Cu, around 20% more heat at 70C.
Not sure about US, yet some high current lanes (thinks of threephase ~400V x 36A; IEC 60502-1) in the households are actually made of Al, not Cu. They tend to be underground though, the wires in the walls are still Cu.