It is in shallow water now... Where it is now, I worked about 200 miles offshore, and it was only 200 feet deep (this was back in the 1970s).
Also, the storm recently (this afternoon) went through an eyewall replacement cycle. Takes time after (if I understand correctly) to intensify.
But I always thought shallow water was bad for hurricanes.
Where Katrina came in was very deep water -- the mouth of the Mississippi.
Shallow water is easier to upwell, less heat content. If the storm is crawling, it will weaken. If not, it feeds off the surface temp just like any other water source.