Pumps can overcome a
small amount of leakage - from tiny cracks between bolt threads, etc - places that an un-reactive gas can make it through a huge pressure differential. In shallow water, one has the viscosity of water to work with, which makes this much easier in liquid phase.
What I don't know is how pumps, and cracks, would react to gaseous H2O versus gaseous N2; Or if perhaps a liquid with low offgassing potential could be used as a boundary layer to seal cracks instead of water (which, while much higher viscosity than a gas, remains lower than most liquids).
One big advantage of any submersed liquid approach: Earthquake resistance.