I'm trying an icy start with the goal of surviving mostly off fishing, with no food farming. It's been pretty smooth so far, food has not really been a problem since I found out I can get worms despite the northern spawn. We'll see if it can take me through a winter. My thoughts on the fishing:
I think it's balanced. Compared to hunting it provides a similar amount of food at a fraction of the risk or effort, but in turn you miss out on the really valuable by-products of hunting. It feels fair, less effort gives less reward. Hunting large game still feels like the king of early food sources but I don't feel like I'm actively wasting my time by bothering to fish, which is nice.
Internally however the fishing crops feel a bit odd. Grunting for worms is quick and cheap, and the worms seem to work just fine for catching fish quickly. I can even gather worms in my icy spawn tundra. On the other hand, the crops grow slowly and don't yield much bait in turn. I feel like the extra effort of growing these crops to produce the limited stink bait should be better rewarded, maybe by giving access to larger fish species with more meat or by ignoring the effects of overfishing. As of now I think I'll just stick with worms.
Mechanically, it's ok. It works but the fishing rod feels pretty uninspired, we have seen this mechanic before. Worm grunting is a pretty fun task and a flavorful addition on the other hand. Some method of interaction with the mechanic like fighting the fish or finding fishing spots would be appreciated. Overfishing also seems weird to me, ponds and oceans seem to get overfished at the same rate, although that is just my experience.
Going forward I'd love to see fishing expanded further down the tech tree beyond the fishing pole to more industrial or passive methods of hauling in fish. Nets, traps, and longlines all come into mind. More viable options for producing food brings more variety in play, and for now I am happy that the fishing pole seems to be a viable way to stay fed.