They may like their firearms, but they didn't know enough about terminal ballistics when they did the show. The penetration capability of say .30-06 isn't realized until the bullet slows down. It has it's best penetration between 200-300 yards. Shoot it point blank at water, it fragments... shoot it at range, such as a beach landing, it penetrates. Think of it this way, what happens when you jam a twig in the mud? It breaks. What happens when you push it at a slower speed? It sinks into the mud. Same principle.
Absolutely correct...but not quite that easy. It also gets much more complicated at range because of the angle of incidence and the velocity. As the bullet slows, a ricochet becomes much more likely to happen at a wider range of angles...testing the myth at 100 yards say, you may not be able to get the bullet to penetrate at all at an angle that worked at the muzzle.
Additionally, the bullets velocity obviously figures into lethality as well. Let's say that at 200 yards the bullet has lost 25% of its velocity. Well that 25% decrease in velocity translates into a nearly 50% decrease in energy. Take that into account and the "effective range" in water is dramatically reduced despite the fact that the bullet will penetrate.