Maybe genetic traits (dumb fish/smart fish) are a factor, but I doubt that they're a major one.

The way I see it nature only rewards the "smart" fish to a point. A fish that is genetically, or even environmentally oriented to be overly cautious will not grow as big, or reproduce as much. I would also think that a hungry fish is "dumber" than a well fed fish.

I wonder if "smartness" comes into play more with the angler instead of the fish. There have been several suggestions already in this thread that indicate ways to keep catching pond fish. Maybe human actions other than the bait presented are more important. If you take away a fishes conditioning and genetic traits, you still have an animal that is in an "eat or be eaten" situation. The fish that are inclined to be reckless are probably what we refer to as forage. The fish that survive to decent size are all going to be wary to a large degree.

The fish in Mr. H's big pond, where I'm collecting WM, have apparently gotten less hook shy since I read this thread. Normally when I fish there I get a good number of strikes at first and land one or two fish. My habit was to assume that I'd found some good structure, or that the conditions had brought the fish to that spot. I'd keep fishing in that area of the pond, but typically the action would slow down. Dang hook shy fish!

After reading some posts above I went to the pond yesterday evening and started out with a few fish hitting right away. After landing them I walked down the bank about 100 feet and tried again and caught more fish. Then, every time I caught a fish I would move from that part of the pond. Miraculously my behavior must have hypnotized the fish into losing their "hook shyness".