Its far more of a hassle setting up a water loop and finding a stable overclock, on occasion that can take hours for gains that aren't even noticeable in-game. Plus for the loop its also adding to the cost. People seem to be under the impression that 2100mhz is some kind of magical number, when in-fact in terms of in-game performance you're not going to see any difference over 1900 or thereabouts.
It may have a point for the 3d mark brigade but for actually playing games the difference is mainly negligible.
To be fair mine maxes out at 2088 but it stays at 2088, max temp 30C, fans running at 348 rpm.
SO may not be that much faster than air but stays at max speed.
But agreed watercooling is an extra cost and not insignificant.