I mean, it could mostly water resistant but it isn't sealed for water resistance which is I'm sure part of why it isn't rated for the higher IP rating or marketed that way.
Honestly I'd rather have the phone be shatter proof than water resistant. I'll be glad if it can survive a drop in the puddle but even if it is water resistant the screen better not crack and so far people have cracked these phones in small drops where my Lumia's and 5X have taken being thrown and dropped from pretty high up with only the smallest of chips in the screen, I mean, you would only see them if the screen was off. Such impressive devices and the bodies could take a beating being plastic.