It's all about the abuse of power

If you can't sell it and someone else [in this case the EPA] tells you what you can and can't do with it, then you don't own it (at least not completely.) While some may be good, in all cases regulation takes away property rights.

No surprise, the EPA wants to expand their control over you by removing...

the limiting word “navigable” from “navigable waters of the United States”

The next step would be "any land exposed to air."

We have had a mechanism for dealing with polluters since the beginning of time. If someone damages you, you can sue them... no EPA required. Or you could just let the community know and boycott them.

I especially like laws that self correct behavior such as the one that says your intake water must be downstream of your exhaust water.