A PC is stationary and can consume any amount of power that you wish for. Sensible laptops don’t use watercooling. So why should a flashlight which runs off of batteries use this? PCs don’t have to be robust, but flashlights do. Also you have a cooling loop which just transfers the heat from point A to point B. You don’t need this in a flashlight, it would just add unnessacary wheight. Also, water cooling adds additional points of failure, not good in a flashlight.