I agree!
It also depends on the pattern/technique that you are using.
If you throwing a tube (or something fished slow), you are obviously trying to look as natural as possible therefore the fish has time to examine the bait and if it looks natural enough, it eats it.
But if you are throwing a buzzbait/crankbait/spinner bait (something fished quickly) I believe its about 90% reaction strike from the predatory fish. The fish dont have time to analyze a spinnerbait being burned back to the boat.
So, I believe the answer to your question is BOTH.
Sometimes we "fool" the fish into biting something because it appears natural, but other times its a complete reaction strike due to their predatory instincts.