I have always used fishing in the past as a way to feed my pet (hunter type here). Also used the firefins and oily's to help my guildies with Alchemy items.
Though I have to admit, I actually fished up some armor upgrades for a lvl 14 (at the time) with fishing. Yes, I admit I caught items that were better armor than I was wearing at the time, green con Trousers of the Bard, and a pair of boots that I can no longer remember the name of.
Sad to hear that they feel the need to nerf it, but I would take the nerfage if they would open up the higher level areas to be fishable again. I used fishing as a good excuse to explore myself