The main idea with Ice Fishing Derby was to make the game fun to replay not because you're on a different lake or something like that, but because so many things can happen during the tournament that you can play it over and over and have a different experience each time. Most importantly there are all the possible deals and trades that can come up, and whether or not any offer is a good one depends on the day, the time, how many fish and what equipment you have, etc. Most people replay the game trying to beat their personal best score.
That being said, yes, there will be updates to the game. I'm planning an update that will give you the option of more direct control over the rod, so if you have the option on you would actually fight the fish in yourself.
There are other things I'm considering adding, but they include much bigger changes, more like a second edition rather than a minor udpate. For that I have in mind two modes of play: One would be the way it plays now, where much of the fun comes from the decisions you make about what to buy and trade, etc. In the other mode it would be more of a serious fishing simulation. In that mode you'd have control over where you fish, how deep you fish, etc. That might even include the ability to drive on the lake. The second edition would also include trout. And another feature of that edition would be multiple lakes, and a lake editor so you can create your own. Of course that's a pretty major overhaul, almost a whole new game, but I think it would be a lot of fun.