My experience.....
I'm not fat and never have been, so you can rule out that factor. (5'5", 120-25 pounds for years.)
I'm very comfortable in the water, and have been all my life, so rule out the nervous/stressed factor.
I float. I can lie on my back in fresh water indefinitely, breathing in and out, and I don't sink. When snorkeling, I can hover over an object as long as I like (no finning), without sinking.
I've often wondered why I seem to be so buoyant; I've been that way since I was a little kid. I have a medium frame, as far as bone size; mabye I do have light bones. I'd be interested in any studies along those lines.
I'd say that so far, most (with some very strong dissenters) agree that some people are more inherently buoyant. And, I'd add, it's not just fat folks.