IIUC, evaporative cooling is capable of far, far, far greater cooling capacity per unit of flow. I can't speak to all datacenters everywhere, but the one I did work with had astonishing water usage, as the water was vaporized as it absorbed the thermal energy, the gas conveniently full of all that extra molecular wigglin' and shakin'. Getting the water back via condensation, can't really do that in quantities that match the heat, not without spending another big pile of energy. No free lunch I guess.

You have an analogue in weapons design, as this is one of the big reasons we haven't seen caseless ammunition. The case - in addition to providing a hot seal for the high pressure gas - also is an absolutely amazing heat sink, ejecting all that thermal mass right out the top of the weapon. Caseless ammo, the breech, barrel, bolt . . honestly, the wholy weapon - gets real hot real fast, exacerbated by the fact that now, with no case, everything has to have tight seals.