Both of those premises are wrong. Privatizing policy and enforcement means there wouldn't be any reason to try to work on policing non-edible/non-profitable fish. It's a half-measure the would ensure no further progress.

Secondly, blessing "fish as fast as possible" as being within the rules, makes it an acceptable practice. It's the same way the clean water act protects polluters as long as they are within the acceptable limits. It doesn't matter if the acceptable limits still cause damage -- they are protected.

Finally, I'm not sure how private industry could enforce their policies in their section of the sea. Property right enforcement is one activity that even most libertarians believe the gov't needs to carry out. Some people state that is the only thing gov't should provide.