I do BIAB in a cooler, and sometimes when doing a Big beer with a lot of grain, I reduce my water/grain ratio so it will fit the space I have.
Does it make a difference? Maybe, but maybe not. The bottom line is I'm happy with the way the beer comes out with the equipment I have so I'm not going to worry about it.
I do think more experimentation on this subject would be worthwhile and interesting. Different styles and grain bills could make for some different results.