I have no trouble believing the "they just vanished" line. On the land, people we are with are on the same plane as we, so if we look away and then look back, they will be there. If we do the same thing in the water, our friend could be just a few feet away but on a different plane, and we won't see them.
As a technical diving instructor, I see something like this all the time. When I have newer students doing complex skills, they will often take their eyes off of me and go through some twists and turns with their bodies as they perform the skill. I need to be sure to be in a good position to intervene in case of a problem, so I end up moving around to maintain that good position. That position is often a tad above them, to prevent an ascent. When they are done with the skill, they will usually be looking around for me until I grab them so they know where I am.
Not long ago, I was doing a basic reef dive with my daughter-in-law and young grandson. At the end of the dive time, I signaled an ascent. My daughter-in-law glanced at her gauges, and in that time she descended a couple of feet. She then looked around in all directions frantically. We had just disappeared! Her beloved son was gone! We were about 8 feet away. If we had been a single buddy who lost buoyancy control, she would never have found us.