"What's more, unlike direct liquid cooling, immersion cooling is largely vendor agnostic."
Ok, but if it is vendor agnostic what about this:
""Not all companies are producing servers that are guaranteed to operate in immersion." This is a problem because the dielectric liquid used in these systems is relatively new and may breakdown or degrade certain components if they weren't designed to operate immersed in an oil or two-phase refrigerant."
Clearly there are problems.
Immersion cooling is extremely messy. You aren't going to be able to get support on any common server once you've immersed it, as it will be full of goop. Additionally, all fans must be removed from an immersed server, and fan monitoring disabled. You can't do this with all equipment. Additionally, servers need to be mounted with hot side up, so convection can circulate the liquid through the server. This requires special hanging racks.
And don't try using spinning disks in immersion cooling. The liquid will probably penetrate the bearing, seals, or drive motor. Anything with an electric motor in it, can't be immersed.
I loathe immersion cooling. The new non-toxic liquids perform well, but are hard to clean up. On one immersion trial that I was involved with, the circulation pump was leaking, and it was dripping this liquid. It created a huge mess. Plus, when equipment had to be pulled up from the liquid, you'd be covered with it. The particular liquid I was working with did not dissolve in most common detergents. The floor was slippery and we couldn't ever get it clean. You have to assume that anything you dipped into the immersion pool (ours was a long trough), was something you'd never want to lay an ungloved hand on again.