Rather than argue over the tiny details of legalese, and history, and try to score points, let me try to give an example of two extreme sides, using a land rather than a water issue:
The Indians sold Manhatttan for $24 in trinkets,so the deal was fair and square. So shut up.
versus
Give the land back to the owners, now represented by the distant kin who run the Paiute Palace in Bishop. If you can't give it all back, give some, or give tax breaks, food stamps, or other subsidies.
Which is ethically, morally, or legally right? Different viewpoints obviously.