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There's a 99% chance that there will be multiple spots with plentiful water (maybe less on the smallest map for duels but I rarely play those, I wouldn't know) so it's really a niche thing to be able to cut off opponents from a vital resource like that.
To elaborate: the map generation always has a step where it makes a bunch of water in multiple spots and it's only in later steps that this can be broken - the colony itself can end up on water or the HQs will crush it voluntarily - and only when both happen will there be a lack of water for others. Also, make sure there's no water-ice.
Otherwise, it's not just about debt - having a monopoly on anything is great because you control the prices. It all ties into the demand being present and you controlling the supply, making it very profitable.