But you did not cut it open to confirm your suspicion, did you? What a pity!I have had braided regulator hoses leak on the surface but never underwater.
The kind of leak is when turning on the air you can feel air coming out all over the hose.
I suspect it is due to the inner lining became brittle and cracked.
My thought is if the inner lining has become brittle and about to crack, the air pressure would have burst the brittle inner lining as soon as the tank is opened.