Comment by analog31

It's useful to look at the units of measure. Voltage is energy per unit charge. As the charge carriers go across the resistors, their energy changes, and that energy has to go somewhere. It's not always lost as heat in all devices. In an LED, some of the energy is "lost" as light. But still, the sum total of heat and light power generated by an LED is equal to the product of the current and the forward voltage.

Another useful heuristic is that heat is generated from what's left after all of of the other ways of converting energy are used up, such as light, chemical potential, and so forth. It's energy's last resort. The usefulness of a resistor lies in its simple voltage-current relationship, which is equivalent to saying that the only thing it generates is heat.