Fortunately, that does get better over time. 1-50 has as much bait as all the expansions combined. Once you clear out the ARR log you can toss almost half the bait in the game.
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Size will almost assuredly be the thing that dictates if a fish is moochable or not. It's already the main metric for it, and would better align with existing skill descriptions/functions. Patience II's description will actually make sense with that change. (Its buff lets you catch bigger fish of any fish you catch... not big fish, like Cinder, Ruby, etc)
I could see a bait crunch happening, but most of the need would be in ARR baits and like, 30% of them you don't need anyways.
Don't think Ocean Fishing will change much outside of the double points being tied to the new metric they'll use for the fish. There's a desire for a Kugane boat with new routes on the opposite hours of ocean fishing boats out of Limsa. That would probably trigger an experience rebalance.
There's a lot of talk about what fishing could look like in 6.0 and honestly it's split in the "more of what we got" or "go back to SB/HW" which is considered some of the best fishing in the game so far. Some skills that have come up would be like, Double Hooksets to go with Patience, Single use Patience(s) (so like, Chum, but as patience). Even some more wilder ideas that lean into optimizations, like a skill that lets you Cut your line when a fish bites, so you don't have to do the Quit cancel or just let it go to save time. In the end, we really don't know what direction SE will go with fishing.
... that being said, Snagging should die and leave treasure maps to spearfishing.
Really, I'd like to see more investment in clearing up how fishing works and making the knowledge of fishing more approachable. There's so many things that people do wrong with fishing because there's no central in-game thing that makes certain mechanics clear.
Ex:
Patience II doesn't help you catch "big/legendary" fish, you just catch physically larger fish. I've seen this confusion a lot.
Chum/Release doesn't help in ocean fishing to trigger dolphins/gulls.
Fish Eyes only works on non-legendary fish in ARR/HW zones, and only removes time reqs.
... and the list goes on. I think a lot of folks frustrations with fishing would get addressed just with better in-game explanations.