That was never a Forum-wide conclusion. I like the idea, but it's far from flaw-free. All Alf has said is that it's a creature we haven't seen yet, which could be a Sea Rex.
I realise now my answer in the FAQ on this topic is far from adequate. Time to update it!
EDIT:
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The levels that those were in were levels that had once been filled with water (I remember Abe's guide saying that) but dried out.
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I don't remember anything like that, and I have transribed all the games. A lot of the levels actually seem to take place on a plateau which would make that idea somewhat illogical.