This could make a great starting point for a novel. Something like an expedition not finding its destination or some survivors of a shipwreck missing their Crusoe's island. Trying to be more faithful to the topic, is strange that we can't count yet on a universal detailed map of our planet. I thought that the extensive use of satellite images already solved these kind of problems decades ago.
I think there are many of these mystery islands all over the globe. There are like so many factors involved; the rise and fall of oceans, ware on the island, etc. There are some countries that use barriers to keep the ocean out because otherwise it would be under water this might be something like that. Maybe the next person that come across it should try to cement some kind [of] structure there or leave a balloon anchor.
Looks like in this particular case was not erosion the cause of the mistake but a flawed old maritime chart. Scanning the area, the researchers reported that the sea is quite deep so is very unlikely that an island ever existed at those coordinates. Moreover, other maps didn't show it at all.