The standard rescue recommendation is to activate EMS and get at least one other to assist you prior to attempting a rescue.
I don't think you'll find many diving fatalities attributed to the failure of immediate rescue efforts by the deceased's dive buddy. Inhalation of water is called drowning.
That's my point. By the time you swim to shore, get out, walk to the car, and call 911 their air may have now run out or as you prefer...they now have drowned. If you don't find them right away but rather later as a body recovery (drowning) who knows if that would have happened if you found them earlier.
How many people have been rescued from underwater and lived by rescue personnel? Many responders aren't divers. How can they help do anything unless the lost diver actually does come up on their own?
I agree that most accidents aren't from someone becoming stuck underwater. Many are panic/drownings/health issues and 911 can help there. We were talking about someone not coming up. Either way the odds aren't good in that scenario anyway so I don't see that it is clear cut to always leave the water to call 911.
What if two buddies don't lose each other but one becomes entangled in a net or line or whatever. Is the correct response for the other diver to get out of the water, call 911 and wait until there is at least 2 divers to go back down and try to disentangle the original diver? He would most likely be dead by then.