I think that everyone agrees that carbon dioxide plays important or rather primary role in diving reflex, but reducing it just to that is definitely over-simplification. There are more factors playing a role - as shown in the laboratory experiment I already linked before, and which was written by a scientist who reproduced the experiments with thousands of students during 15 years, bradycardia is very well reproducible with very basic simple conditions: face exposed to cold/wet and apnea. And it works even if only one of the factors is present. Also artificially induced hypercapnia (without apnea) leads to bradycardia.
In the
document, there is the following diagram displaying the mechanism of diving reflex in simplified form:
(click for a bigger version)
Surprisingly it tells that PAO2 chemoreceptors are actually significantly
more important for starting the diving reflex than pH and PACO2 receptors. That's in direct contrast to the breathing urge feeling and contractions that are more relying on pH and PACO2 chemoreceptors. Frankly told, it surprised me - from other documents I read I was under the opposite impression.
However, as shown not only in these experiments, but also in other researches (i.e. thesis of Dr. Lindberg, or researches on Ama divers), there are huge differences of the strength of the diving response not only depending on the basic conditions, but there are many other factors that play important role, and there are huge differences between individuals.
Apparently the diving reflex is strongly influenced also by stress (moderate stress helps, but extreme stress is counterproductive), and many other physiological, physical, and psychical conditions, but it was proved that the strength and extent of the diving reflex may be learned by experience and training (it is stronger at professional freedivers like Amas or at top competitors).
So you are certainly right that CO2 is a very important clue here, but telling that all the diving reflex, bradicardia, blood shift, vasoconstrictions, and also contractions are nothing else than hypercapnic reaction is on my mind little bit exaggerated. I do not think though that you meant it literally when you wrote it, and I am sure that you are well aware of the complexity.