People just don't want to put in the effort to set up a custom loop, do the proper testing for leaks, or maintenance them every 6-8 months.
Same as
@Peter_Brosdahl . It's not insignificant.
It's a high barrier of entry with cost... sure, you "can" do it for less, but a typical DIY Custom Loop is going to cost more than a typical air cooler, or even AIO. The last custom loop I built was around $300, and that was ... 20 years ago? Granted, almost all of that equipment is still serviceable today (and my son tinkers with it on occasion), so I wouldn't call it wasted money, but i wouldn't go around claim it's "as cheap" as a CM 212 or anything either.
There's a lot more complication in the setup.
There's more to proper maintenance than just "blow out the dust"
There's the liability that it could leak, and if it does - it's probably all on you. No warranty claim to back you up on that. And since you are assembling all the various tubing fittings and such, that probability is much higher than with a pre-assembled AIO (which, admittedly, could also leak)
And if you want to adjust your build or change out any components, it becomes a much bigger, involved task having to deal with fittings and tubing and such in the way now.
I loved doing it when I was younger and more into the building aspect of computers, but now I'm at the age where I want my stuff to just work and work well. I'll leave the tinkering around to the kid on his rig.
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On a side note - I suspect the reason that Custom Loops are so much more effective than AIOs is a combination of faster pump speeds and better waterblock designs. AIOs tend to use very small pumps integrated into the water block with very small amounts of fluid, whereas a custom loop with a big DDC pump and half liter reservoir is going to move a lot more coolant around faster, which really keeps the coolant from getting as warm coming out of the block. That, and with better waterblocks to make that transfer more efficient from the IHS to the coolant is where you are really seeing the difference. My opinion - I haven't performed any destructive testing or anything on it.