Because shading is turned off for the ocean plane, you need a preview plane to see displacement and shading in the hardware render. Displacement changes the surface of the ocean plane so you can see the different wave heights.
To add a preview plane to the ocean
Maya creates a preview plane that interactively shows the displacement of the ocean on a shaded patch of ocean. You can scale and translate it to preview different parts of the ocean. This plane does not appear in renders.
The preview plane ripples slightly showing the small wave displacement.