All I can say is American butter all I get is watery. Even if I put it in a pan to cook scrambled eggs. The amount of "water" that comes out is terrible compared to a high quality European style butter. This is a style and quality thing more than a type of feed thing. Just put a high quality butter between your fingers then maybe land o lakes. The difference is amazing. To be fair I have found and bought very high quality butters from WI and such and you cannot tell the difference between them or European style ones. Those butters like LOL and such use FAR less cream. Just enough to solidify it. And yeah maybe they don't "add water" but they sure don't make a high quality butter either and it turns out to be "watery". So yeah, water may not be "added" but they do everything they can to keep the final product as watery as it can be and still be "called" butter
Actually.... on further reflection..... bet I know what's going on.
At least in the US, raw milk on intake is separated into cream and non-fat milk. Pretty much all commercial dairy production has a butterfat content higher than than most of the end product. Skim/non-fat can get bottled right up, 0.5%, 2% and full fat will get cream added back to the desired fat content for milk bottling.
Butter, ice cream, sour cream, etc. will all get the non-fat milk blended back with cream to the desired fat content. I won't argue that non-fat milk SHOULD be called water (yeah, I've said that myself, I only keep whole milk in the fridge,) it's pretty much water with lactose, calcium, and a few other trace stuff. This is where the manufacturer will get it's desired butterfat content. And by rigidly controlling the fat content, a much more consistent end product will result. Changing the cream/non-fat proportions has a major effect on the end product.
I've been told that the cream is far more valuable as both a product and a feedstock than non-fat milk. Stands to reason, as far as I'm concerned, that's the good stuff.
The funny thing, Larry, is that commercial food service folks actually tend to keep (or did, at least as of just a few years ago,) Land O'Lakes butter at home, as they consider it to be a reasonably high quality, a very consistent quality, and that it's available everywhere in the US. As of the last article I read, it's the only major butter brand available in the entire country. Kerrygold may have recently put a hard dent in that, though. I do know that Land O'Lakes does have a higher butterfat than nearly all of the house branded butters (hence why it almost always commands a premium price.)
But, in short..... water really isn't an ingredient, but it's a long manufacturing process to get from raw milk to butter commercially.