the fish has decided (whether it is right or wrong is somewhat irrelevant) that it is not in danger of being preyed upon nor is it in danger of losing its food. a big fish or a fish that is dominant in the tank would likely express this behavior as it has learned it has nothing to fear from the others...you'll often note that in community predator tanks, if two fish are going after the same food item, often times certain individuals will back down from other individuals even before the object prey item is in possession of either fish.
this often happens in my big gar tank between the big croc gar and any other gar, as well as between the AUL and any other fish. they will see that another individual is going for the food item, if that individual is the dominant fish, then the submissive fish will retreat/back down.
this doesn't always hold true, especially if all the fish are really hungry...but it does happen.
small fish that do this may just not realize they are in danger of losing their food by eating it in the open...and often times they will lose it...eventually learning to "grab and run" as we have observed in our bichirs and other fishes--
--solomon