There have been quite a number of attempts at putting in Overwater Bungalows in several resorts in Central America and in Bermuda.
With a total of 9 resorts of varying quality that we could find in all of the Caribbean, the Atlantic, and the Americas, there are only 63 bungalows actually over the water in all of these resorts put together. The supply is not only tiny, but the quality for most of them is very low. Either the settings are in backwater areas with green water you would never swim in, or the bungalows themselves are so primitive that most travelers would not want to stay in them.
None of them have the physical presence that an atoll presents, except for the very rustic resort on Glover’s Reef which is actually the only one on an atoll. It has a total of two rustic bungalows overwater, and the other resorts also have very minimal numbers of overwater bungalows, many of which are without sandy beaches or clear water to swim in. They just don’t match up to the beautiful tropical ambiance offered in French Polynesia or in the Maldives.
In contrast, Northern Two Cayes on Lighthouse Reef do match up to the physical presence of French Polynesia and the Maldives, and has the environment to support a first class resort which can include numerous overwater bungalows which shall be protected from rough seas and shall provide clear waters, sandy bottoms, and sandy beaches.
Below is a spreadsheet that summarizes the rather lame attempts which have been made in the Western Hemisphere to imitate the beautiful overwater bungalow resorts in French Polynesia and in the Maldives.