Cheap fish for stuff like Quality Fertilizer, but i guess aside from that, it's not much, yes.
Put a worm bin near it (without automate you gotta take the bait and put it on, but it's easy) and you have lots of bait, and then bug meat to bait, and it's pretty nice.
I use a mod to be able to get stuff from empty crab pots, but without mods, i guess it could get a little more usefulness, maybe with the small fish from it having better quality, and if Wild Bait is used, a chance for double catches, like with the fishing rods that can have bait.
I do love soggy newspaper for cloth, even though it's rare!
I guess without mods, it's best to just have your farm ponds, and maybe at the beach's docks, where no NPC goes, it could be a nice extra, adn only 2 places helps, so you don't need to run to many places to collect all.
I wish Bait would mostly give fish, Wild Bait having a chance for double catches, and Magnet(bait item) to mostly get trash, if you wanna recycle it for resources.
EDIT: Maybe when fishing level maxed, or later in the game, Willy gives a crafting recipe for better crab pots, that do a better job, and maybe catches new crab pot fish that could be added.