Well, it would make sort of sense. Watermelon's ancestors are are native to the dry savanna, so you'd expect them to be used to a hot dry environment. It even sort of explains the mechanism for why excess water would make it bland. Watermelons are probably hard wired to suck up all the water they can quickly since in the wild they have to grab in the rains everything they need for the year, more or less. Give them excess water, and it only makes sense they take too much in and dilute their sugars.