Are reference cards actually a thing?
Nvidia, with their FE, insists they are and that various users (like those water cooling) absolutely need them. And their latest FE cards seem to be better than many (most?) custom designs.
AMD seems to treat reference designs as... reference designs.
Having never bought any such card, from either team, I'm genuinely curious.
An common argument about reference vs AIB's would be the cooling or exotic VRM setup; but reference cards are'nt bad anymore. These days the VRM's are overbuild and knowing how big that heatsink is with a vapor chamber and 3 fans; it's no longer a selling argument on why a AIB is better then reference. Solely depends on what you want todo with it.
When you buy a reference, you are guaranteed to find a suitable waterblock for it. When you buy a AIB, the PCB's layout could be different. Left or right the chips are guaranteed to function at the given clocks. If your looking for a LN2 model; your better off with a custom made one, one with pimped up VRM's and better capacitors. But any hardcore overclocker just solders on the caps themself (if they need it).
Appearantly AMD is using the line for proberly the MI100 cards.