While it’s true that there are no floods or earthquakes in space it’s not exactly a safe place to be. Radiation and cosmic rays become a much greater threat. Shielding provided by the atmosphere would have to be replaced.

You also underestimate the cooling problem. The fact that space is cold doesn’t mean it’s easy to cool things off in space. On earth the main cooling strategy is to transfer heat through direct contact and move the hot stuff away. Be it air or water, as you mentioned. In space your only option is to radiate heat away. And that’s while half of you is under intense sunlight.

I think you also undersell the thread of warfare in space. Sure, a guy with Molotov can’t get you space data center but we’ve had satellite shot down. So maybe not every war is a threat but, say China or Russia (or other space-faring nation) could take care of a satellite if absolutely needed.

National seizures are also still a threat. If only being outside national borders was such a great defense we’d see some data centers in the sea by now.

So being in space is immune to some of the known problems but also comes with a whole lot of novel issues, not solved at scale yet. And so far I haven’t seen any sufficiently detailed proposed solutions to even consider the trade of known problems with readily available solutions for new issues with lots of unknowns.