In the actual research the main "risk" posed by flouridated water is actually fluorosis. This causes minerals in your enamel to be replaced with flouride which can cause them to be brittle in the long term. It's pretty uncommon but the thought is that now that flouride toothpaste are commonplace, the benefit of flouridated water is also way less. Which changes the calculus.
A not insignificant number of researchers are advocating for the view that flouridating water just isn't worth it anymore and the (slight) risk of flourosis is more significant than the (slight) benefit of decreased dental caries.