Yeah I'm not particularly buying it. Smells more of regulatory boondoggle than anything. You can bump up the PSU nameplate efficiency by relocating the buck converter board outside the PSU case. For the wire loss, If a PSU puts out 20A on a 5V rail, split between 4 ~15" 18awg wires, thats 0.002 ohms, or 0.8W of dissipation. Thats 0.8% of the 100W 5v load, or 0.1% of the total load assuming a maxed out 600W power supply. Meanwhile assuming a nice 92% efficient converter is used (higher can be had, bit this is a consumer product) 8.7w of dissipation (1.4% of the 600W max) just got removed from your efficiency figures.
One less cynical benefit is that the bucks can be sized appropriately, I.e. A 20A high power buck isn't sitting there in pulse skipping or DCM trying to maintain efficiency because the 5V rail is only loaded with a USB keyboard and mouse and thats about it. (M.2 SSD, no optical drive, etc.)
If Steve LTT compared a modern DCDC converter PSU to a 12VO system, I bet system-at-idle results would have been less impressive.
If PSU manufacturers were after chasing efficiency to the max, they would use 16AWG wire instead of 18 and reduce wire losses significantly. It fits in Molex mini-fits that get used for all the high current loads, so it absolutely is just their choice.
My money is on PC OEMs need more efficient power supplies to help with efficiency phase (whatever) standards, didn't like the quote they got back from PSU OEMs, so they leaned on motherboard makers and Intel to help them out. Cheaper PSU, increase on motherboard BOM, but they can penny pinch the motherboard DCDC converters, as they aren't under the regulatory supervision. So motherboard/PSU combo are cheaper because of that. Plus if the PSU manufacturers have efficiency margin left over after the reallocation, they can budget cut that some as well, further decreasing PSU cost.
Spin it with some factually true, but practically irrelevant facts, hey presto, there's your press release.
Edit:just to clarify, not really for or against the idea of if, just not seeing it as some major boon to efficiency that the press releases would have you believe. When the solution was already had with separate DD/DC boards in the power supply.