1. BOD is not in every catechism. It started being inserted in the 1700/1800s. Examples: Some posters here in the past showed pictures of the original Baltimore Catechism which has no mention of it. But subsequent editions mentioned it. It was added.
Also, catechisms aren't infallible, so any errors contained aren't a problem for indefectibility.
2. BOD speculation is not "universal" therefore there is no "universal error".
a. St Thomas (and others of the Middle Ages) source St Augustine as the basis; but not Scripture/Revelation/Tradition. Not sure why they didn't realize he recanted his opinion?? Probably because they were just debating the issue and didn't consider it a doctrine worth much research time.
b. St Bellarmine is clear that it's his opinion and based on St Thomas (which is based on St Augustine).
c. I've never heard of any Doctor/Saint make an argument from Scripture or anyone besides St Augustine.
d. St Augustine isn't infallible nor can he be viewed as "Tradition".
e. Trent itself quotes Christ in Scripture (repeatedly) which mentions 2 necessary things - faith and water. Trent never says, explicitly, that only faith suffices.
f. Any saint/doctor or holy person who comments on Christ's teaching ALWAYS says that faith/water are necessary for Baptism. This cannot be questioned.
g. Ergo, BOD is speculative, just due to the lack of explanation, lack of details, lack of scripture/tradition proofs and the problem of varied/differing explanations of it.