I like the flushing toilet scenario, similar to my fish urine soup analogy, but much more comprehensive.
As to phosphate toxicity, I believe we do and should obsess over it, but before the fish start dying, we usually notice its tendency to promote excessive algae growth. Before phosphate detergents were banned around the great lakes, the shores of Lake Michigan yearly became a stinking sty of rotting algae.
With both phosphate and nitrates the "cure" is the same, frequent large water changes, and plants that consume both substances.