The point I am making is that its not simply a matter of efficiency, its that the complexity of build is greatly reduced. Most people don't have the time, knowledge and equipment to build a massive light with 500 small diodes. Most anyone can wire up a few large COBs and mount them on some computer heat sinks.
Do the cost benefit calculation. If you value your time at $20 an hour, and its going to take you 10 hours to build the LED light and its only going to save you a few hundred bucks then there is not much point. The optic Vero 29 grow light with 6 Vero 29s costs $1200, I can build an similar light for $700 bucks in about 2 hours, or less mounting the lights with Kaptan tape.