In my neighborhood pond, I had a similar issue with feed being consumed by Golden Shiners before the bluegill would start eating, but this was more in the early spring when the water was colder...the GSH just seemed to show up minutes earlier than the bluegill.

Now, with warmer weather and water, the bluegill show up right away, and the GSH eventually show up.

I think, on the issue of hydrating feed vs. dry feed, more fish will take to and keep in, and stay on, the hydrated feed. However, we know that dry feed does grow some big fish; heck, it may grow larger fish if less of the fish population actually take dry feed, thus leaving more dry feed for those who take it.

Excerpt from Robert Crais' "The Monkey's Raincoat:"
"She took another microscopic bite of her sandwich, then pushed it away. Maybe she absorbed nutrients from her surroundings."