I think both. In most small ponds (less than an acre) they would comprise a small minority of the biomass so rareness and the wisdom that comes with age obviously make them difficult to catch. Bass live a long time and so there is always the chance some specimens will reach trophy size. Particularly survivors of the first stocking. To me trophy size is 8lbs or larger. I have never caught one. I've spent a lot of time fishing with bluegills for bait and so I think its likely that few are in the waters, if any, I regularly fish that way. Even so, I wouldn't argue that there aren't any even if there are none.

A few days ago I read a comment by Bill Cody in this thread by Texas1/2Acre

http://forums.pondboss.com/ubbthreads.php?ubb=showflat&Number=463402#Post463402

Specifically "LMB will survive, reproduce, and efficiently control BG in 1/2 acre. I see that occur many times in northern ponds and it will work anywhere in the US with management. I commonly see it successful for your intended goals. You won't have a lot of LMB and they may not get much bigger than 2-3 lbs with maybe the rare 4 pounder depending on how you harvest/manage the fish. "

When I read it I thought "That is quite typical of the small ponds I fish except they are generally an acre give or take a few thousand square feet".

It isn't what we don't know that gives us trouble, it's what we know that ain't so - Will Rogers