I was watching The Temple of Doom and the scene where Indy, the prostitute and Shortround jump from the plane gave me an idea...
Why don't we have inflatable rafts?
First of all, they can be used in conjunction with chutes, in the event that a chute is shot away, a raft can be deployed to slow the descent to a survivable velocity.
Second of all, a pilot landing on water can stay in the water for days without drowning. If the situation presents itself, he can even mount an attack on an enemy CV with his .45!
There is utility to this concept, and there's nothing wrong with a little multi-tasking once in the water.