I've been hearing this line for over a decade, now. "Immersion cooling will make data centers scale!" "Converting to DC at the perimeter increases density!" Yes, of course both of those things are true, and yes, some data centers do engage in those processes for their unique advantages. The issue is that aside from specialty kit designed for that use (like the AWS Outposts with their DC conversion), the rank-and-file…
Its much cheaper, quicker and easier to use cooling blocks with leak proof quick connectors to do liquid cooling. It means you can use normal equipment, and don't need to re-re-enforce the floor.
A lot of "edge" stuff has 12/48v screw terminals, which I suspect is because they are designed to be telco compatible.
For megawatt racks though, I'm still not really sure.