I don't think the Rivets have anything to do with your recption. Unless the 'intercapacity' of all those Rivets is talking to your transducer and zeroing out the signal from the Bottom.
Aint that a fancy retort? Only a Yankee....
Bubbles or some other distortion of the water flowing over the Transducer is most likely the culprit.
You might prove that to yourself by fastening the Transducer to a "fixture" and making sure it's running in clear water.
Be careful there, you don't want the Transducer to be wandering, and of course the 'fixtur' might come up and whack you.
I just wish I could be better at fishing. Or maybe luckier!:D