Isn't it statingthe obvious that liquid cooling is more effective than air cooling?
Simply from the observation that the heat capacity of water (the liquid usually used for this, plus detergents, anti-mould agents and such) is much, much higher than that of air, and it's a lot easier to get a laminar flow through a pipe than it is blowing air through a case.
How is it only now that data centres are considering moving heat about effectively, rather than blowing air about, and then using secondary heat-pumps, in the form of air-conditioners, to cool the room down?
Rather than being behind the curve in terms of what gaming rigs manage, why aren't they looking at hooking those refrigerant circuits directly into the racks, and onto the components that need direct cooling? Because one thing that is more effective than pumping water about is pumping a refrigerant that changes phase when it is heated, and releases that heat when it is re-condensed, usually outside the building.