The Sea Doo Spark costs $5K, The entire jet ski weighs 405 lbs / 184 kg, Rotax 60 hp engine, it reverses by reversing the engine I think (that is how it works in the snow machines). I am guessing the engine and jet weighs around 200 lbs / 90 kg.
The Rotax will burn about 2 gallons an hour and they are reliable proven engines. The intake and outlet would have to be molded into the bottom of the hull but It seems to be a dirt simple installation. Probably put in a NACA vent.
I know that a jet drive is not nearly as efficient as a prop drive (it has a very small 5" prop). The fuel consumption will probably be double a fuel sipping diesel and it won't produce as much power.
I would be willing to bet the output of the 60hp jetski is comparable to a 30 hp diesel.
Hmmm..... $5K, no prop creating drag or increasing the draft, can go up to 90 hp easily. I must be missing something very obvious......