Been unable to find any explanation to this.
There's a clear CD, you can put down a rod or two and get bombarded with fish, after a short while it stops and you wont get anything even if you wait 5 minutes at full speed.
Going to a new area appears to sometimes reset it and sometimes not. Sometimes waiting multiple RL hours before fishing again still gives you nothing at all.
It's clearly not just RNG because of how predictable it is. If fish don't start biting almost straight away, they won't even if you wait 10 minutes. And if they do you'll get 2-6 in rapid succession before stopping completely.