The 5.25 bay *could* be removed on the Corsair 760T, but since I use it for all cooling tests, modding it to suit just one review and then having to re-rivet the drive cage back together wasn't in the cards. But yes, it could have been made to fit and if it were my personal case and kit, I would have done so.
I think the thing to look at when it comes to AIO cooling is that for so long, they really struggled to cool well at all. Better pumps have come along which are making a difference in how well they work, but you're still paying lesser quality components - plastic and aluminum vs. brass, copper and high-grade acrylics and plexi's.
I guess I just see it is a different step - sure, performance is similar on some AIOs vs. custom watercooling, but the AIOs just don't carry the 'oomph' factor when it comes to visual appeal (in my mind, personally).