You really know very little about western lands & how they came to be settled. The truth is that between 1812 & ~100 years later, the federal govt was in the business of giving away or selling at nominal prices all of the West. The land that people wanted for agricultural purposes & mining at the time was patented through a variety of mechanisms. What remained in federal hands was mostly very marginal, very remote, or both.
Their zeal led to attempts at farming that never should have been allowed, leading to the dust bowl and also to enormous degradation of grazing lands in general, leading to the Taylor Grazing Act of 1934. Prior to that, ranchers used adjacent federal lands as their own, often overgrazing all of it. Part of that was honest issues of perception, change hard to appreciate over a single human lifetime. Part of it was remote corporate ownership beating the cash out of it from New York & London, as well. When the land was pushed so hard it wouldn't support cattle ranching very well, they brought in sheep. When sheep herding also became unprofitable, they left it to the wind. Much the same can be said for mining & timbering operations, as well. Rich people got richer from assets they never even saw.
All of that became obvious over time, leading to the necessity of better management. Some of it was obvious to people who actually gave a damn about it 100 years ago, reflecting the changing reality.
So we all know what's in it today for those same capitalist enterprises. This time it's about gas & oil. They're paying the politicians to make this effort on their behalf, make no mistake about that.
What's in it for the current owners, the rest of America? Some feel good libertopian victory for small gubmint? Some moralistic sense of satisfaction in satisfying the desires of the Job Creators? Some delusion that they actually stand to benefit?