What sort of water pump?
If it has a mechanical seal it will fail without a lubricant, this case the water.
If it uses a packing gland, it can over heat and fail prematurely.
ELI5:
As the shaft spins, it needs to prevent water running along the shaft and out to grade. This is done by having 2 faces float extremely close to each other with a lubricant between them and a force keeping them closed (typically a spring or bellows) , ie. A mechanical seal.
Or
The shaft spins in a felt like packing thats pressed around the shaft and into the pump casing. This slows the leakage rate to a negligible amount.
Both these scenarios require a lubricant to prevent failure. Water acts as a lubricant and a cooling medium.
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