Heatpipes use phase changes, boiling and condensation and those make the whole thing quite efficient. They are limited in terms of heat capacity, temperature range, directionality etc but all that is not relevant for their performance in what they are intended for. The use case of a heatpipe (or vapor chamber) is to move the heat. Either spread it locally to a wider area in case of vapor chamber or to move it further away from where it was generated in case of heatpipes. That is exactly what they are good at and high heat capacity would actually be detrimental here.
Releasing heat to atmosphere is already the next step and normally done by fins of some kind.
Yes, I agree and understand they are indeed efficient.
It's when you need something beyond efficient is when the other kicks in.
Heatpiped coolers work well for the purpose they are intended for but at the same time they can be limited in the amount of heat they can move vs one with a base to them, which is important if dealing with a chip of a higher wattage/core count which equals more heat to remove - Esp if the chip will be running under a heavier, sustained load.
That's when a cooler with a base works since it's easier to thermally oversaturate a standard heatpiped cooler under a sustained, heavier heat load.
When the fluid inside has all gone to a gas due to thermal saturation, that's it - It loses alot of it's ability to pass heat along until at least some of the gas can go back to a liquid so the process of liquid to gas can start over again, restoring it's cooling efficency.
One with a base does a little better because the mass of it isn't affected in this exact way.
It still keeps trying to pass it along at it's max thermal dissapation rate (BTU)
even if it's thermally saturated so that's one difference between them.
It's also harder for a standard heatpiped cooler to
control thermal spikes under load which one with a base can more readily soak up and pass it along, meaning there is a tendency for less of a temp spike/swing when it happens.
You can get one with more pipes and that would help but that's also when a cooler can start getting to a ridiculous size (By it's sheer volume) because of the liquid to gas expansion requirement it has for it to work in the first place.
One with a base can be affected this way too but they tend to be of a smaller size overall, esp if they are designed well and the fins are made properly too of the correct material but, TBH that's really all of them.
For most anything used as a common desktop setup, heatpiped coolers
are fine but I still prefer a cooler with a base.