In places where water is scarce, like the US mountain west, all water is owned by someone. Drilling a well or having surface water does not entitle you to the water
ipso facto, the water right has to be legally acquired from either a private owner or the State.
Prime grazing lands do not always come with water rights. Lease or purchase of that land to raise cattle requires acquiring sufficient water rights elsewhere. Since the State often has no additional water grants to allocate for that aquifer or water system, you then have to lease those water rights on the private market from an existing owner. While you could purchase titled water rights, they are rarely for sale since there is a ready market for renting them.
