Earlier quoted context omitted.
The thing is, a chip generally cools just fine with heat pipes and fins up to 200 or more watts. And the built-in heat spreader gets rid of hot spots very effectively. At that power level a peltier tends to be worse than useless, even if you're putting enormous amounts of power through it. Even if you double the efficiency it's still a bad option.
Overclocked threadrippers can hit 500W[1]. I can see peltiers and 'vapochill' style phase-change cooling making a comeback... 1. https://www.anandtech.com/show/13124/the-amd-threadripper-29...
But there are an awful lot of mobile processors with passive cooling or complex heat pipes, and it would take more convincing that such a scheme would also fail there.
I'm also wondering if it might be useful for 'race to idle' situations by extending the time until thermal throttling kicks in.