My feeling is that, a bit like starlink, you would just deprecate failed hardware, rather than bother with all the moving parts to replace faulty ram.
Does mean your comms and OOB tools need to be better than the average american colo provider but I would hope that would be a given.
And once you remove all the moving parts, you just fill the whole thing with oil rather than air and let heat transfer more smoothly to the radiators.
Second: you still need radiators to dissipate heat that is in oil somehow.
Repair robots
Enough air between servers to allow robots to access and replace componentry.
Spare componentry.
An eject/return system.
Heatpipes from every server to the radiators.
Then you'd need vanes, agitators, and pumps to keep the oil moving around without forming eddies. These would need to be fairly bulky compared to fans and fan motors.
I'd have to see what an engineering team came up with, but at first glance the liquid solution would be much heavier and likely more maintenance intensive.