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Just know that buying the next tier of bait is usually what's gonna spike your profits.
Awesome - i'm already chugging soda every 5 minutes!
Guess i'm saving 15K for the final bait.
that being said, bait upgrades do not increase catch value in i guess a linear way relative to the money that you need to spend on upgrades, but higher quality is always going to be better. imo the most optimal upgrade route is getting your bait up to minnows, and getting your rod power to 10 or 20, along with at least both of the basic buddies (one quality and speed upgrade for them doesnt hurt either), at least 1 or two levels of catch rate, then upgrade your camp to level 2 and get the shining lure that maximizes the quality of each catch. (these lures cost 2k each). After you have that lure its basically just grinding out everything else.
after you get to camp level 2 progression definitely slows down a bit more, but then you can focus on getting better bait and rod power. the tackle box upgrades beyond 10-15 arent super necessary if you are fishing near a spot with a store (the island you get for camp level 2 has one right there). Rod speed isnt super important, neither is the luck upgrade. Rod Power, Catch Rate, Bait level are basically what you want to focus on after you have the 2k quality lure (ive tested the other 2k lures, the double catch one sucks, the increased catch rate one is just fine, the larger fish one is ok if you are trying to do specific quests or get things you havent caught before, but the quality level one seems the best for maximizing money per catch). Camp level 3 gives you another island that honestly kinda sucks compared to the one that is camp level 2 (its just bigger, thats it). Camp level 3 also gives you one more lure that basically greatly increases your chances of getting the rarest stuff, but it also makes you consume a ton of bait, and it costs 10k along with the 10k camp upgrade to even unlock it. You're better off maxing your buddies, rod and bait before getting those imo.
also always drink the money soda if you really want to minmax, the xp soda is sorta pointless.