That does look like a flower, to me. Congrats! You may be right about the current, but I think they might be able to self-pollinate, too.
A few years ago, on the Nano Reef forums, there was a thread about a bunch of people who had just gotten a hold of some Halophila engelmanni, and after a few months, some of them reported flowering in their seagrasses (with pics, of course). A few days afterwards, their flowers and plants began to die off, and a week or so after that, they had new plants growing in the tank. I can't conclusively say that it was self-pollination - they might have just had male and female flowers in their tanks - but it certainly could have been.
After a quick little google search on seagrasses and self-pollination, I found this:
a pdf about European seagrasses. The last paragraph on page 16 seemed to suggest that self-pollination may be possible in Zostera noltii. Of course, that is not the same species you have in your tank, but if it is possible for one species, it may be possible for others, too. The pdf has a lot of information about the biology of seagrasses in the... genuses? genii?... of Zostera, Posidonica, and Cymodocea that is worth checking out just to get a better grasp on seagrass biology in general.
I also found
"Seagrasses: Biology, Ecology, and Conservation". You can't read all of it, of course, but there is information on reproduction in the part available for viewing on Google. It says that "most seagrasses" are not bisexual, and therefore cannot self-pollinate; ergo, it is implied that
some seagrasses
are bisexual, and can therefore self-pollinate. So maybe you will get to see your seagrass reproduce! Or you might, by chance, have acquired specimens of both sexes.
I see a conch, but no molly! The mollies must have really good camouflage.