Let's say you look up "porn.example.com" and "dissidents.github.io".

. (the ICANN DNS root) sees "io" and "com".

com sees "example.com" but not which subdomain or anything to do with io.

io sees "github.io" but not which subdomain or anything to do with com.

example.com sees "porn.example.com" but doesn't know anything about "dissidents.github.io".

github.io sees "dissidents.github.io" but doesn't know anything about "porn.example.com".

You leak the same total information, but no single entity has a convenient list of every DNS request you make.