Water is a very nice material. But it lacks in the reliability department.
Cob does not flood the house (possibly with
hot water) if something fails, nor does it explode. Also while water is a natural resource the things that can hold it are not so much.
If you want to build a water based system, you likely need special parts and materials. In a water system it is an advantage to have the water in few large tanks, to avoid parts of it boiling, while the rest needs more heat. This poses a problem, since we usually dont have a container that fits just right for the space and form we want. We are forced to put together the thermal mass from pieces we have access to. Its not a problem in a
greenhouse, one just needs one or two big tanks. But putting the same in a home poses practical and aesthetic limitations.
The answer is: most people have such homes, and skills that a cob mass seems more practical.