Just to be clear, we are both talking about vaporizer cartridges designed to use batteries with 510 connections right? The kind you vaporize and inhale, not something designed as a food additive? They look like this [1]?
The oil you see in that THC cart is NOT a "carrier oil" and is not created using the process you describe (that's how you make DIY THC infused butter or cooking oil, for use in creating edibles). It would be INSANE to vaporize and inhale olive or coconut oil. The oil in the cartridge pictured in [1] IS literally almost pure THC. Take a look at the lab report for one of those cartridges [2]. The top compound is literally THC Delta 9 (THC "Classic"), and it represents 887 mg/g (88.7% of a 1g cart) of the compound by weight.
Oil for cartridges is literally cannabis oil and is produced using CO2, butane/hexane, ethanol, or even pressure extraction. You need the mixture to be liquid enough to be wicked onto the heating element, and I'm not sure how that is achieved today, but in the past they would use Vegetable Glycerin (VG) or Propylene Glycol (PG) to slightly liquify it (the same additives used for e-cigs). If you don't include these additives, the pure oil is a solid/buttery/sticky mess, and you get things like sauce/resin/shatter.
[1] https://bestkushstore.com/wp-content/uploads/2021/02/df6844f...
[2] https://rawgarden.farm/wp-content/uploads/2022/06/220000693-...
Edit: From some search I see that coconut oil is in fact still sometimes used as a thinner, so I stand corrected there. But I think the overall point stands that it is a small (< 10%) part of the mixture, and is used as a thinner, not the primary carrier. The primary oil in the cartridge is literally THC oil.