Liquid is a consortium and so there are some small number of corruptible or capturable individuals out there that are very closely related in business and could collude or be forced to betray you.

Coinjoins are obvious and flag you as sus, many times requiring you to prove you're not doing illegal shit, in some jurisdictions, before those coins are accepted. Bitcoins are tracable so they aren't totally fungible.

L2 things, the mints and such - those are the way to go for privacy. They're not totally private but it is pretty hard to imagine having enough data from enough nodes to put together the trace.