I was always told that the condensing coils were just a series of copper tubes wrapped around each other and the water dripped off the copper.
Wherever it starts getting colder than the air around it, humidity from said air will condensate. This is actually why I'm going over my AC's manual. Water has collected inside the unit where the fan spins on the cold side, and the noise from the fan slinging it around the metal shell is obnoxious enough we're just not running it and sweating with all fans going instead.
New ones do that as an efficiency method. Use the water as evaporative cooling.