D H said:
The water's moment of inertia about its center of mass is essentially zero in this instance.
I'm going to quibble with your terminology there, because I think the OP question may be confusing "inertia" and "momentum".
The water's moment of inertia is exactly the same as a the moment of inertia of a solid of the same density and shape. Moment of inertia is a property of mass and geometry only.
But in the spinning pan example, there is no way to apply much
force to the water to make it rotate, because it has low viscosity, therefore the water doesn't have much
angular momentum compared with a solid pan-shaped object. Since force = rate of change of momentum, that's why you don't feel a difference in the force to spin the pan.
The concept of "moment of inertia" isn't very useful in most fluid flow situations because the fluid does not move like a rigid body. The fact that it doesn't always behave like a rigid body is one way to define what you mean by "a fluid".
As an example where water does show the same (linear) inertia effects as a solid object, consider the shape of a jet of water from a hosepipe, compared with throwing a ball at the same velocity as the water jet leaves the hose. Ignoring air resistance etc, they both follow the same path.
You can have situations where fluid does "rotate" in the the same way as a rigid body. For example, imagine a rigid pipe made into a circular coil, about the same size as the rim of a bicycle wheel. If fluid flows through the pipe and you try to move the pipe around, you will feel the same "gyroscopic forces" as you would get on a rotating bike wheel. (I'm assuming the rigid coil of pipe is connected to a flexible hose so you can move it around). That is similar to DH's satellite example, of course.