Finally I figured it out 
I have tried to make a project from scratch and the surprise is that i got exactly no underwater effect but only the wet lens effect as you did… and then I remembered that the only difference between those two was that one is the whole screen while the other need a special depth pass… which I confirmed opening the material to be a custom stencil.
So to fix you need to go to the project settings and set Custom-Depth Stencil Pass to: Enabled with Stencil
It could also be avoided if we both have copied the Config.ini file and overwritten the new project.
Cheers!