But you're right in that in theory it could have happened and like any essentially unfalsifiable theory it will likely remain that way.
It's funny because depending on which field we're looking at I probably have my own 'aquatic apes' based on how solid I think a particular theory is but without dedicating a lifetime to it I'll just take the easy way out and align with the largest body of scientists until there is hard proof to the contrary. But in some fields the theories are known to be broken and then such discussions get a lot more interesting.
aquatic animals (otters, beavers, could go on) have plenty of hair. Our lack of hair is function of avoiding parasites using our brain to protect our skin instead of fur armor.
All mammals have fat so I'm not going to get into that one.
All mamals have a swimming reflex, except even though most of them are not aquatic, their reflex actually works. humans that dont spend a long time to learn how to swim ... drown.
but there are features that are very much against us being aquatic: shellfish and fish allergies.
> My thesis is that a branch of this primitive ape-stock was forced by competition from life in the trees to feed on the sea-shores and to hunt for food, shell fish, sea-urchins etc., in the shallow waters off the coast. I suppose that they were forced into the water just as we have seen happen in so many other groups of terrestrial animals. I am imagining this happening in the warmer parts of the world, in the tropical seas where Man could stand being in the water for relatively long periods, that is, several hours at a stretch.[1]
So, wading hunter-gatherers.
In this - as an primarily land based creature - wading seems reasonably effective.
But: it's harmless and whoever wants to believe in it is obviously welcome to do so.
Plus all the other usual challenges to fossil preservation.
That record is quite probably far more partial than appreciated.
<https://en.wikipedia.org/wiki/Aquatic_ape_hypothesis>
<https://en.wikipedia.org/wiki/Past_sea_level>
That said, I've no particular argument for or against the Aquatic Ape theory.
The accepted explanation seems to be - by far - the simpler of the two.