> cooling is moving the heat completely outside of the building while it’s still liquid.

We have been doing this for decades, it's how refrigerants work.

The part that is new is not having an air-interface in the middle of the cycle.

Water isn't the only material being looked at, mostly because high pressure PtC (Push to Connect) fittings, and monitoring/sensor hardware has evolved. If a coolant is more expensive but leaks don't destroy equipment, and can be quickly isolated then it becomes a cost/accounting question.