I had several bungee and always ended up breaking the bungee function and they ended up being just webbing. I always hated how the boat would pull away and then be pulled back towards you causing slack during a rescue.
I now have an astral jacket and tow and like it much better and its not bungee:
Given the way they design their system I would think climbing rated webbing and carabiner would work if rigged properly.
Normal safety disclaimer of make sure you understand the equipment as there are some scary stories from tow tethers.......