Do I understand the logic here to be "if there's an LLC with an obscure name involved, it must be using too much water"?

To me, the logic is companies don’t put their brand on activities that contribute to tragedies of the commons.

Alphabet could have named the company “google data center 083941, llc.”

But Alphabet deliberately obfuscated its control of the facility.

No, it’s that if there’s nothing to hide, then they shouldn’t jump through so many hoops to avoid basic industrial reporting requirements.

It’s not any one thing, it is the litany of things they do in order to avoid any transparency or accountability. It is undemocratic and contradictory to the idea of good governance of public resources.

If anything, a little sunshine here would probably be the best medicine. Trying to be opaque is what allows conspiracy theories to exist in the first place.