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That's about it
Stuff like the Potassium Bonnet and cardboard pirate mask are unrestricted as you can more easily tell where the character's head is as compared to items like the Hundkoph, bird heads or Hollowhead which make the head look bigger or smaller than it actually is.
Yetis are an exception since they actually exist within TF2's universe. https://youtu.be/Z63Mdfj0n38
(Or at least did exist...)
But also because of the "werewolf transformation" effect; you'll notice they're not just halloween-restricted, they're also available during Full Moons, and that gives them more of a special exclusive vibe
Considering there are numerous examples of halloween-restricted cosmetics which look eerily similar to some non-halloween restricted ones, and in some cases being less egregiously bad and even having a subtler silhouette over the non-restricted cosmetic, I highly doubt that's the reason
Let me list some I found from a quick google search, and from what I remember off the top of my head:
1. https://wiki.teamfortress.com/wiki/Teutonkahmun
https://wiki.teamfortress.com/wiki/Crown_of_the_Old_Kingdom
2. https://wiki.teamfortress.com/wiki/Magical_Mercenary
https://wiki.teamfortress.com/wiki/Balloonihoodie
3. https://wiki.teamfortress.com/wiki/Doctor_Galactic
https://wiki.teamfortress.com/wiki/MK_50
https://wiki.teamfortress.com/wiki/Captain_Space_Mann
4. https://wiki.teamfortress.com/wiki/Kriegsmaschine-9000
https://wiki.teamfortress.com/wiki/Immobile_Suit
https://wiki.teamfortress.com/wiki/Die_Regime-Panzerung
https://wiki.teamfortress.com/wiki/Dark_Age_Defender
https://wiki.teamfortress.com/wiki/Bushi-Dou
5. https://wiki.teamfortress.com/wiki/Purity_Fist
https://wiki.teamfortress.com/wiki/Iron_Fist
6. https://wiki.teamfortress.com/wiki/Showstopper
https://wiki.teamfortress.com/wiki/Bountiful_Bow
7. https://wiki.teamfortress.com/wiki/All-Father
https://wiki.teamfortress.com/wiki/Bull_Locks
8. https://wiki.teamfortress.com/wiki/Kapitan%27s_Kaftan
https://wiki.teamfortress.com/wiki/Terracotta_Trooper
9. https://wiki.teamfortress.com/wiki/Templar%27s_Spirit
https://wiki.teamfortress.com/wiki/Angel_of_Death
10. https://wiki.teamfortress.com/wiki/Exorcizor
https://wiki.teamfortress.com/wiki/Vicar%27s_Vestments
There are a myriad of examples too for normal hats that are too wide/tall to give a clear impression on where your hitbox ends, along with flashy unusuals that can be adjusted to cover your face completely.
All of this leads me to be skeptical that restrictions were done in order to "preserve an artstyle" or to keep silhouettes as near to the base model as possible. And considering there are many halloween themed hats from cases which remain non-restricted, that reinforced my idea even more that it was done just to prevent new F2P players from getting good cosmetics for free