It really does seem to depend on where you are. As you mention some states do not allow for the disposal of fish in water. For example from the Minnesota Department of Natural Resources:
Disposal of unused portions:
Unused or uneaten portions of fish should be buried or disposed of
with household waste. Fish entrails should never be discarded back
into the lake.
On the other hand, from the state of Washington Department of Fish and Wildlife:
Although fish entrails are biodegradable, a respectful alpine angler
will never discard them in lake shallows where they can be seen by
others. Pack out viscera in a zip-lock bag, or dispose of them in
water at least 25' deep.
Basically, in many areas disposing of fish guts in the water is considered dumping. This is especially true where there are many visitors to these areas that may smell or see the remains. However, if you're in an area of deep water, where the public will not notice the remains, then putting the fish guts back into the water, after puncturing the air sac, will add beneficial nutrients for other animals. These additional nutrients may be especially beneficial in an alpine lake as one may find in Washington state.