Can you speak to how the ribbing aids in both "increasing buoyancy while decreasing drag?"

I can, maybe, make a case for the latter (vortex generation to reduce skin friction, blah blah) but the former seems a bit far-fetched based on the images I've seen of the suit. Simply carving out channels of material to increase surface area by 18.3% (per your website) will not give the results you claim. If anything, it would result in less lift since you're removing neoprene volume while maintaining a max 5mm thickness by rule.