Water-block technology has also progressed dramatically since "the good ol' days".
Back then, there wasn't a whole lot of difference in terms of waterblock technology between running some water over the CPU, as opposed to running some water over a piece of aluminium (which is fairly common back then) or copper sitting on the CPU. The waterblock of course incurred the extra cost of additional thermal gradients through the thermal paste and the waterblock material, typically meaning that direct die was better.
Nowadays, waterblocks have progressed to the point where their internal shape and flow patterns are specifically crafted to maximise thermal transfer between the waterblock metal and the water. A flat die CPU has none of that at all, and in fact, simply can't because it is a flat piece of silicon.
So where the wins used to be for direct die was simply due to there not being something else between the water and the CPU, that story has changed where what a waterblock loses in extra thermal gradients, it can more than make for in terms of improved thermal transfer efficiency as opposed to simply working with a small flat piece of silicon which does not lend itself well to the waterblock techniques being employed today.
Worse, the CPU's porosity is such that even if one attempted to apply modern waterblock techniques to the CPU, the CPU will die very quickly.