Stacy and Stan explained it well... I suspect it's mostly a function of cross-contamination. (Plus of course humidity... a little fine 1084 dust on a nice clean blade in 70 or 80% humidity will indeed "rust before your eyes".)
Since I work with both low-alloy and high-alloy steels in the same shop and my housekeeping/dust control procedures are less than perfect, I just assume that everything is contaminated with nearly pure iron dust. That reminds me to clean blades off at the end of the day, lightly oil or spray them with dykem to keep more dust off the surface as it settles, or even oil and wrap them if they're going to sit around for a while.
As for contamination from your slack bucket, a few drops of dish soap in the water will break the surface tension and allow the dust and grit to sink to the bottom. A couple tablespoons of baking soda helps as well.
This reduces "flash rust" and also helps prevent your belts getting glazed over and gunked up. (if you pull a blade out of the bucket with a bunch of swarf on it and go right back to the belt, in about 2 revolutions all that gunk is smeared between the crystals and structures on the belt itself, and just ends up getting pushed into the new scratches you're making). It helps in getting crisp, consistent grinds, too... a bunch of 60-grit swarf on your blade when you're trying to clean it up with a 400-grit belt will make you say very bad words.
You still want to change the water fairly often, of course... in a perfect world we'd run our grinders like machinists run mills, with a constant stream of coolant that is either replaced or re-filtered to keep all that gunk under control and off the tooling and workpiece.