Pieces of skin don't always grow back either though, its not a good comparison. If you cut off a skin tag for instance, it normally wont grow back.
The type of wound determines the healing. If you merely cut the foreskin, like a dorsal slit, the wound could heal back together. By circumcising the foreskin you leave only one wound edge- there is nothing for it to heal back too, because you have cut off the foreskin. Say you sliced off the very tip of your finger- just the skin, but a fairly large chunk. If you did not have the chunk reattached, chances are you would heal without a finger tip. Same if you cut off part of an ear lobe- the body does not simply regrow parts, it heals over wounds- which does NOT include regenerating any tissue beyond the wounds open edges.