The most reasonable inference about the relationship between wading bird reproductive success and water depth in the Everglades is:
Water depth likely affects wading birds' access to food and thus affects wading birds' reproductive success.
This inference is supported by the observation that fewer nests were observed in dry years compared to wet years. Since wading birds primarily feed on fish, the availability of food (which is influenced by water depth) is likely a crucial factor for their reproductive success. In wetter conditions, there may be better access to fish, leading to higher reproductive success and consequently more nests being built.