Ice Fishing can be confusing in VR.
First you probably only want to lower you bait about 1m.
You do want to use movement to attract the fish. I just flick my hand slightly or reel up and down a bit.
When a fish bites make sure you turn off drag and lower your pole into the water.
I suggest braided line for Ice fishing....
Let the fish wear themselves out and reel em in!
Hope this helps someone.... I was really confused at first.