Here's a thought. The Watcher, I believe, came to its pool by
traveling up the Sirannon. Why not have similar or some other
krakenish creaures or , say,walking catfish on steroids
swimming from the ocean up the Brandywine? If Breelanders fish
go boating on the Brandywine they might have been terrorized by such.
And it could explain the disappearance of Bilbo's parents. A watching
hobbit from a distance sees Bungo go into the river and then what
looks like a hand or arm grasp Belladonna Took and pull her in.
Hmmm.