GPS navigation aids have been available to boaters for decades. We had one (Loran) when we had boats in FL (from ~1986-1994) and it was rather important to avoid areas where you would otherwise run into sand bars and such. There were navigation ways dredged regularly, to ensure you had a safe channel to travel. There were times, when the markers were far enough apart, that you could drift and go aground. NOT good.
For lakes and water ways that are deep enough, that's not an issue. But in complex waterways, where you don't know it well, you could easily get lost. With navigation aids, you don't have to worry about that as much.
It looks like what the private company is looking to do will bugger the entire GPS network in the US. NOT good, no matter how you spin it. I use my GPS often enough, when going someplace new. Or going into a city, or town I've not been to before. I know, from experience, that directions from web sites can simply suck. IME, street signs in cities (most often) are missing, or turned in a way that you won't see them until you've already gone too far to take a turn. There are enough instances where to get back on route, takes several turns that defy logic (for normal people). With the GPS, it will get you back on track. Actually, more often then not, it tells you far enough ahead when a turn is coming up, so you DON'T miss it...
I'll probably add my voice to those speaking out against letting that company do as it's planning. Far too wide an impact to let it slide.