Yeah, think about it, it's been reverted back to a PC, hasn't it? haha. A Vietnamese group of modders, Modding Cafe, pulled up their sleeves and tricks to create the world's first liquid-cooled PlayStation 5. To accomplish this, they had to make a mod considerably different from what they usually do.

They designed a custom chassis and liquid cooling, in order to reduce both the temperatures and the noise generated by the Sony console. Recall that Sony's proposal to deal with this problem was an aluminum radiator with 7 6mm thick copper heatpipes together with a copper base to dissipate the heat generated; and all accompanied by a 120x45mm fan. However, despite this, Sony had to resort to liquid metal to maximize heat transfer, as "it offers results up to 86% better than conventional thermal paste on PC", according to the company. 

Modding Cafe managed to integrate the PS5 hardware into a Mini-ITX chassis that features a pretty cool/futuristic design. The side panels allow you to see both the interior of the console and the generous block with the liquid cooling circuit.

PlayStation 5 modded with liquid cooling and a kickass design