You should always be able to wake the Cobalt by pressing the select button, and if the pool was more than a few feet deep it really shouldnt go into sleep mode- provided the water contacts are wet and not prevented from connecting with the water. In the exercise you describe it might squawk for a full minute if the air were turned off, but it shouldnt go black.
Let me get some details to help figure out what might have happened.
When it came back on, at home, what screen did it first come up to?
It came on to the dive screen, same one as when you push the select button at ready to dive
When you plugged it in and got it to come back up, were you connecting to USB or the wall charger?
Wall charger
When it went in the water, was it in the ready to dive screen, or asleep, or something else?
I had been in the water, left my gear floating at the side of the pool for approx 30 minutes
Have you used this Cobalt diving previously?
Yes I have about 50 dives on it.
What firmware version is installed? You can find this on the System Info page.
2.14/2
If you put the Cobalt to sleep manually, from the Main Menu, and dip the nose in some water, it should immediately come up to the dive screen- is this what you see?
Yes
In normal operation, do the buttons (especially SELECT) seem responsive?
Yes
Poor contact with the water at the USB pins can cause a failure to start a dive- that has been caused by things like suntan oil getting on the pins.
I dont wear wear suntan oil, I did return from a trip a week prior, in salt water, all my gear was rinsed, I do add a little woolite to the water and let it soak for 30 minutes or so, followed by a through rinse.
Another possibility would be something like a loose battery connector that interrupted power- some of the answers to the above questions will help isolate the cause, and tell us if you have a hardware problem of some sort.
Only other her time I saw something similar was when I let the battery run down. Upon charging it came right back up. Battery was charged for approx 4 hours prior to my pool sessions. Battery charge was indicated at 93% when it came back on.
What you describe should not happen, we will work to determine what the problem was.
Ron