OK, lets take your assumption as true for a sec.... then why are there backplates for water cooled cards ? Why do they have thermal pads ?
Look at the instructions fir the EK Backplate here
http://www.ekwb.com/shop/EK-IM/EK-IM-3831109869116.pdf
The logic that backplates are there just for support and would be on all cards doesn't follow....MSI 970 doesn't have a backplate ..... also there's a lot of things that manufacturers do to cool their cards, some do / some don't ..... why ? Cost.
http://www.bit-tech.net/hardware/graphics/2014/09/19/nvidia-geforce-gtx-970-review/2
On its custom PCB, ASUS places all eight Samsung memory chips on the front side, meaning that the backplate does not directly cool any of them. In fact, the chips are left without any contact plate or heatsink touching them, relying solely on air from the fans to cool them.
The MOSFETs of the DIGI+ power phases are cooled by a small heatsink, but the VRM controller and the MOSFETs for the memory power phase are left, like the memory chips, to fend for themselves without direct cooling.
Other manufacturer(s) in the review took steps to address these issues and provide direct cooling. This and other physical design / construction differences is why some brands consistently OC higher than others.
Active cooling is not necessary .... look at the VRM on your MoBo .... it has a heat sink but is not (generally) actively cooled. But that is oft not the case either for GPUs.... many cases provide side window or back of HD fan mounts which do provide some level of of active cooling.
If you "do the math" on a water cooling build you will find that the radiators provide for only about 60% of the calculated heat load. Some of that is because the calculation is generous and doesn't account for the fact that CPU and GFX are rarely peaking at same time. But a lot of it is that the radiator shrouds, blocks, backplates, tubing, fittings, component surfaces are all radiating heat .... passively. Otherwise why is the case interior temp higher than ambient ? .... because every component inside the case is radiating heat.
Yes steel is only about half of say brass on thermal conductivity but the key here is it's surface transfer to air.... which is low regardless . But this is compensated for by the huge surface area ..... My GPUs put out close to 300 watts each, the CPU puts out 135 .... so why is my GPU running at 39C and my CPU at more than twice that .... surface area.