The bottle is used as a visual reference to how full the drive is. The float inside allows sets an alarm when it drops, and does not detect water.
The bottle also has a one-way valve in the cap, which allows air in but not out. After filling the drive, the air pocket will work its way up into the bottle until its all out. The one-way valve keeps the lube under pressure as heat is generated and lube expands. There is not that much pressure but without the cap the lube will boil over and out the top. Once it cools down the lube will be low.
Being under a bit of pressure helps keep water out, but drive still needs to be drained an checked for water often. The ones without the bottle could leak and no one would have a clue until damage had happed or during maintenance.
Note, the bottle also needs maintenance, every 2 or 3 drains the bottle should be flushed out, cleaned and refilled.