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Water doesn't ricochet like a high velocity metal disk would.

A cutting blade needs to be held against the device, either by a clamp or it's own heavy (expensive) weight. A projectile will generally just bounce off.

So the current solution is to attach an explosive charge and disrupt the device ie. 'a controlled explosion' which is slow, specialized and noisy.

Or fire a shotgun at it which often doesn't do anything other than to move the suspect device a couple of feet and make it a lot more suspect.

Maybe some answers here: http://en.wikipedia.org/wiki/Water_jet_cutter