Before reporting a bug, you need to make sure that what you're doing actually is a bug. Go to the Help! forums or IRC first and check. Often times what seems like a bug is working as intended. If it is, then anything that you want done differently is a feature request.
As far as the topic at hand, I do agree with you. Almost anything in shallow water should be recoverable, but it should have a VERY fast decay rate (to simulate being carried downstream by currents, etc). Wooden buckets tend to float, whether full or empty. The sealants and materials are all lighter than water (with the exception of the small nails used to hold it together, and then the wood tends to be buoyant enough to hold the whole thing up).