Could be a factor. Can't write anything off I guess.
To look at it slightly differently, with the water being so clear and so calm at the moment, have you stepped down your line or anything at all Marq, or gone on to smaller lures? There are a few things I do when its bright, clear and flat and it'll usually involve stepping leader diameter right down (and lengthening it).
I'm inclined to think that if a fish is following a lure at all then it is interested in eating it. It wouldn't be bothering otherwise. Right now is an especially difficult time in these conditions because the fish aren't so active, there isn't so much 'fish' food present (compared to the summer), and they don't have as much competition with other bass (when there are 2 or 3 fish present I think its easier to persuade one of them to bite - because of competition between the group) - plus the sky is blue, the water is extremely clear and the surface is flat calm. All of that together makes it mega difficult to induce a take.
Normally, I'd probably fish a smaller lure quite quickly to try and induce a reacton strike and just make them grab it in anger. Because of the above though I don't think thats so possible at the moment. It may work, but...?!
The only bait I was happy with when we were down in Looe last week was a weedless, lightly weighted XLayer just twitched back reeeeeeeally slowly and fished on a light leader. When we cant anger them in to biting, the only other thing we can do is go super 'natural'. They're refusing standard lures because they don't trust them, and possibly because they can afford to be picky if there is other food around. Normally I don't so much agree with people who say lure fishing is about imitating a wounded bait fish (its very often about just pi**ing them off, for me), but this is one case where natural will be best I think.