The idea is that when you are falling or sinking in water, you can press the shift key to "dive."
By this I mean that you would now be upside-down, similar to when you are looking down with elytra. When in this "diving mode" you will fall faster in water.
This would make going down in water no longer agonizingly slow!
Also, like many others have suggested, I think underwater swimming should have the same effect as swimming with elytra. Swimming underwater would be slightly faster than it is now. Maybe in between the current swimming speed and the Depth Strider I swimming speed?
Controls on the Bedrock version and Console version would be the same as the current sneak button for that version.
EDIT: By the looks of it, this might be implemented in vanilla!
Yes to everything but the head bonk. It doesn't really add anything other than an annoyance and most of the time you would stop the dive before hitting the bottom anyways, since you'll be able to see it.
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