Most boats give you somewhere to tuck a bag out of the spray. A jet ski doesn't. Anything outside a sealed space gets sprayed for the whole ride, and anything you're wearing goes fully underwater when you fall off or climb back on from the water.
That's why "water-resistant" isn't enough for the bag on your body: a rain-and-splash bag isn't built for a dunk. And anything left loose won't wait for you. REI's gear advice puts it bluntly: unsecured bags can be miles downriver or downwind before you start looking.