User's Depictions of Wet Balloon

Yes, actually.

KirbiMiroir
For other balloons (Hot Balloon, Cold Balloon, etc.) the body is of a different colour, and the "jet propulsion" consists of a different element. For example, Electric Balloon would have a yellow colour and would float by spraying electricity downwards.

As for the kraken form, the other balloons have different alternate forms. However, they still have the same basic concept, with half of the body resembling the balloon's normal body and the other half being made up of the respective element.