So, if such a system is feasible and profitable (at scale), where are the farms that are killing off 'traditional' farms left and right?
I'll tell you where all the aquaponics farms are: in bankruptcy court, because very few of them have managed to figure out how to make this system work at a scale bigger than home production, and even less how to do so while still being economically competitive. It's not a coincidence that most tilapia production is not in aquaponics farms. And it's not like it hasn't been tried; people try to do so every day and have been doing so for 30. But saying "but aquaponics scale very well." just screams 'I read some blog posts about this so now I know they scale well', because the technology simply isn't there.