Did I say there were supposed to be an instant gratification? No. How very condescending.
This is an idea to make an item whose functionality is now defunct into something that is both actually useful to the player, appropriate to the concept it is meant to convey, and helps make a single task marginally easier without lowering player skill needed.
By the time they actually got around to making this change, it would be months from now. Anyone who actually wanted something from fish would probably already have it.
Hissmir Fish Eye Rye was never for attracting anything. It just makes active fishing holes easier to see (especially useful in Coldharbour). If you want something that attracts rare fish, leads, satchels, etc., try the Pickled Fish Bowl.
I know but one of it's functions was to reveal the type of water you were looking at, and that function was generally more useful than the week keen eye as fishing holes are fairly easy to spot. They updated the game so that water types are all revealed to everyone, so that functionality simply doesn't work anymore. It would be nice if it had a useful secondary function related to fishing again.