I run large scale data centers. Crypto mining has been pushing a lot of this technology ahead as well [1] (yea, yea).

Liquid cooling is nice on paper, but as others have noted, it is messy AF.

Another huge issue that you don't normally think aobut is staffing... some data centers are in the middle of nowhere. It is hard enough to just fine skilled enough labor to work reliably... getting them trained up to do maintenance on wet systems is a whole another level of pain.

It is great for small systems... not so good at scale. It is amazing how proper airflow with fans can solve most cooling needs. Even if the outside temps are high as well.

[1] https://twitter.com/SenTedCruz/status/1564441153306406912