When summoning a block display with block state as water, the block display will be invisible.

/summon block_display ~ ~ ~ {block_state:{Name:"minecraft:water"}}
/summon block_display ~ ~ ~ {block_state:{Name:"minecraft:water",Properties:{level:"0"}}}
/summon block_display ~ ~ ~ {transformation:{left_rotation:[0f,0f,0f,1f],right_rotation:[0f,0f,0f,1f],translation:[0f,0f,0f],scale:[1f,1f,1f]},block_state:{Name:"minecraft:water",Properties:{level:"0"}}}