Anyone know about boat cooling systems?

that impeller looks fine, you are either losing suction on the intake side or the bellows are plugged. Another possibility but unlikely is the water pump being bad.

FYI using a garden hose to trouble shoot this is not recommended because of the fact that it is pressurized. Also If you do for whatever reason hook a hose to the boat to run it only run it at idle, I have seen many times guys revving the engine and actually sucking the hose dry and collapsing it.

Go to big lots buy a 55 gallon tote for $15 and use that to run your boat in the driveway, I can tell by the housing and impeller that you have a Volvo Penta out drive, more then likely an SX. If this is the case then the tote will work perfect for you.