What's missing in the current water shader? Procedural waves?

Yes, and fog to hide the seam with the sky.

I would argue that this is an ocean shader: https://x.com/_david_miranda/status/1711373849558692088?s=20

None of these examples look realistic to me. First is too shiny, second has some very unrealistic color thing going on. Oceans don't glow like that unless there's bioluminescent stuff going on perhaps. Nevertheless not realistic although pretty for sure.

The more I see stuff like this, that tries to be realistic but I can easily say it's CG, the more I appreciate Romain Guy comparing everything to actual photos.