So...the display doesn't work underwater then? Bluetooth is 2.4GHz. Wifi has some 900MHz channels, but is mostly 2.4-5GHz. 2.4GHz radio loses >60% of its power in 1-2cm of water. If the transmitter was 5watts (pretty much guarantee it's not nearly that powerful) you'd effectively have less than 2mW in a foot of separation through water.
Lower frequencies will penetrate water better, which is why they're using ultrasonic for surface communication - ~20,000Hz vs 2,400,000,000Hz of bluetooth, or even twice that for wifi.
By comparison, GPS satellites operate on 1200-1500MHz, or 1,200,000,000Hz. - 50% lower frequency than wifi/bluetooth, and we know that doesn't penetrate water, or there'd be no need for this concept at all.
I'm not sure what they mean by inductive data transfer, but magnetic energy essentially drops off with the inverse cube of the distance (in air. I'm not a magnetics/electronics guy, so I don't know if water has a dramatic impact), so if you double the distance, you get 1/8th the power. Three times the distance, you're at 1/27th the power. Again, I don't see "inductive data transfer" having a useful range to communicate between a tank-mounted antenna, and a display in the diver's hands (on the other side of a metal tank, backplate, and human body, no less).
If surface support crews can use it to monitor divers and guide them via comms, I imagine that could be useful. The underwater display looks like a gimmick at first glance.