You raise a valid point about feed. It is true that carnivorous species like salmon still have FIFO ratios above 1.0, meaning they consume more wild fish than they produce. That is a real concern for those species.
That said, the feed picture has changed a lot over the past two decades. The overall FIFO ratio for aquaculture dropped from 0.63 in 2000 to around 0.22 to 0.28 by 2017 depending on how you calculate it. Modern feeds are increasingly plant based with soy, barley, and other terrestrial proteins making up the bulk of formulations. Up to 30% of fishmeal now comes from processing byproducts rather than whole wild fish. There is also a lot of work happening on alternative proteins like insect meal, algae, and single cell proteins.
The species matters a lot here. Tilapia, catfish, and carps use very little wild fish in their feed. Salmon and shrimp are the outliers that drive most of the wild fish dependency. We are currently working with trout which sits somewhere in the middle.
On the sentience discussion, I am not going to dismiss people who care about fish welfare. It is a legitimate concern and the science on fish cognition is evolving. Our technology actually reduces stress on fish compared to manual handling which involves netting, anesthesia, and physical manipulation. If people care about welfare then better measurement tools that minimize handling should be part of the solution.