I was jumping around in an ocean and I noticed I was underwater for a while, so I looked at the oxygen bar and it was flashing and full. All you have to do is in survival mode, jump around near the bottom of the ocean, and the oxygen bar will flash and stay full, but when you stop jumping, it will make you lose oxygen.
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Duplicate of MC-48395 - If you have not, please use the search function in the future, to see if your bug has already been submitted. If you could not find the original report, please comment with the keywords you searched for.
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It seems that jumping under water registers as you 'leaving' the water, so the oxygen bar resets.