There's good and bad news for those looking for all-inclusive overwater bungalow and water villa resorts, depending on which part of the world you live in. The bad news for many people is that there are no all-inclusive resorts in Bora Bora, Moorea, or Tahiti that include all meals and alcohol in the room rate. Everything else is good news because most activities and services are indeed included in the room rate.
However, if you can get to the Maldives, which is home to most of the world's overwater resorts, you'll have plenty of excellent options that include meals, alcohol, and even premium alcohol in some cases. Just south of India, the Maldives is quite a long way from the western US and Canada, but for those in the east it's at least as close as the South Pacific.