Despite being in the same sub-genre, they both offer very different experiences.
If you want realism and a more polished game, Real VR Fishing is what you are looking for – this is currently the best fishing game available on Oculus Quest.
However, Bait!, is not too bad either. This is more of a fun, arcade-y game that does not take itself too seriously. It also has a storyline – not a great one, but more than is offered by Real VR Fishing.
Both games are chilled-out, relaxing experiences, where you can take in the beauty of the environment around you and simply try to catch as many fish as you can. And both games have a decent progression system to keep the game interesting.
Real VR Fishing is the more challenging of the two and you will probably get more out of this than Bait!, which can become repetitive at times.