Any excess dead organic matter will pollute your water and tax your nitrogen cycle in an enclosed system.
When you over feed, a fish dies, or a plant dies or too many leaves fall into the pond or aquarium or in one case, a cat drowned or was thrown into a pond, it will over burden the nitrifying bacteria and begin to release mass amounts of ammonia. If the ammonia is allowed to rise (spike) it will begin to further kill off bacilli and fungi and eventually it goes lethal for fish and even plants. Eventually the bacteria will catch up with the ammonia but you are not out of the woods just yet. The nitrosomonas bacilli will catch up with the ammonia and continue oxidizing the ammonia into nitrite and then the nitrobacter bacilli will oxidize nitrite into nitrate and that is when you will see a nitrate spike and a mass die off will occur.
I will say that it is very hard to throw out an established nitrogen cycle in a tank or pond that is 100 gallons or larger.
As far as commercial fish foods are concerned I just picked up the food that I use and this is the list of ingredients:
high-quality easily digestible South Antarctic Krill, Herring, Squid, and New Zealand Mussel protein, and several all-natural color-enhancing ingredients for a balanced diet that boosts immune system function and enhances the full spectrum of your fish’s color. With the belief that all fish require a complete and fully balanced varied diet, also contains Algae Meal, that consists of Seaweed, Kelp, and Haematococcus pluvialis (a micro algae), a premium grade of natural Spirulina, as well as a fruit & vegetable extract that consists of Spinach, Red & Green Cabbage, Peas, Broccoli, Red Pepper, Zucchini, Tomato, Kiwi, Apricot, Pear, Mango, Apple, Papaya, and Peach.
So as you can see it is far from just ground up fish meal. I only use that commercial fish food as a supplement only. I also use a variety of frozen foods and even some fresh foods such as freshly ground chicken hearts or some lettuce or peas. As far as goldfish and koi are concerned, they should be fed a higher plant diet as too much protien can harm their liver and applies to any cold water fish as a general rule.
Feeding should at first be only what the fish can eat within 2 minutes of the food hitting the water. If they eat all the food in the 2 min. period, then add a bit more. Smaller amounts, more times a day is better than larger amounts fewer times a day.
This information is more for people who might be just starting out with fish and are only general guidelines until they get to know how their tank or pond will behave and handle atypical feedings, water changes, etc. Obviously a person like personified knows how their system will handle feedings and other maintenance aspects and so they can push their tank or pond to the limit.