I often wondered about that, Brad, especially as there seemed to be an annoying trend that the 9th hole would go down one side of the pond and the 18th would border the other.
In Florida, where this is very prevalent, I believe the pond was made after excavating dirt to make some texture and mounding on the flat terrain. Or, is the pond also a retention vehicle for irrigation?
If not, that level of excessively penal golf (to me) is rather unimaginative unless otherwise mandated by circumstances on-site.
Perhaps it could be based on the classic cape hole, like the 1st at Machrahanish.