When a fishery crashes, it is dramatic and takes a long time to recover if ever. There's been plenty of fisheries like cod that one could not conceive being depleted but it has been now for decades.
Estimates of catches, mortality, existing stock are prone to error because we don't really know much about how fish live and their overall population. But once that crash happens it is known and too late. Cod crashed in 1992 and still hasn't recovered
That's the scary part. By the time the data is unambiguous enough for everyone to agree the stock has collapsed, you're already dealing with the collapse rather than preventing it
Yes, seen this happen in Tasmania, Australia with crayfish, scallops and orange roughy. Each went from free-for-all to highly managed quotas within a few years. Roughy fishing stopped completely back then, don't know what the status is now.
> we don't really know much about how fish live and their overall population
Absolutely yes. Orange roughy is a good example - it was caught by trawlers when they were massed in huge balls near the surface. Easy to get a big catch quickly. Turns out this was when they were spawning, so breeding cycle was being interrupted, which led to catastrophic declines very quickly.