Why the heck would you have a fishing event and make us fish out what is similar to a small fishbowl and have the resources exhausted?  Is this PA's way of fixing ocean content? It just keeps getting ignored when it comes to seagoing events and fixes.

All that means is that your fishing goes slower.  There are things that can be done to speed it up.

The resource status affects the cast-to-bite time.  So "exhausted" means that it will take a few seconds longer between when you cast your rod and when the fish bites. 

Another factor that affects this is the "fishing level" in your stats, so make sure that's at level 5 to compensate for the exhausted resources.

This does not affect the quality of the fish or the auto-fishing time.

Its exhausted because of the number of people fishing there. Right after patch Altinova was abundant. When i came back home night it was already exhausted.
If people stop fishing at an exhausted spot, it will eventually go back to abundant.