Hey, look, it's the Roman Polanski documentary Chinatown.
Everyone (agricultural or data center) would be far less wasteful if they had to at least pay for the true value of the water they’re extracting
Currency is, itself, just an accounting construct. There is no "true value of the water" that people pay for because the thing they used to pay for it is predicated on rapid economic growth rather than efficient allocation of resources.
One might ask the question "What is material cost-benefit of 30' of subsidence?" Like, how is California worse (or better) off thanks to the harvesting of that groundwater? Given that the state is one of the most popular places in the country to live, I might suggest the 40M residents are better for that water harvesting than they would have been without it.
I might also suggest that a public sector dedicated to balancing the resident water demands and industry water-use demands could improve the rate/volume of consumption. But that would require a public voting base / private executive staff that valued the long-term health of the state rather than the short term economic growth of the local neighborhoods.