this is funny.
anyone that can read can see that the switch is designed for 300 VAC. 120 is less than 300 last time i was in math class. wire size (gauge) has no relevance to voltage, only amperage. wire insulation type and quality determine voltage capacity. most cords that are made to plug into wall outlets have thicker insulation because the mfg. tries to cover many bases (CYA) ie. abuse, abrasion, only have to purchase one generic cord for many applications, etc. this makes the wire appear larger from the outside.
watts = amperage x voltage. therefore 70watts divided by 120 volts is 0.583 amps. 22 gauge wire is designed for that amperage. the switch also has an o-ring between the white nut and black hex on the stud. the switch appears that it will need to be installed in a vertical orientation with a flat barrier (probably acrylic) on the top of the resevoir with the wires out the top and the o-ring on the underside of the acrylic. regardless of that the description says that the switch is fully submersible.