I’m expanding on Torsel’s idea to help you develop your own answer. There is a lot of water in this planet, however only 3% of that is usable freshwater. Water is something that a lot of people take for granted. In many places people have travel long distances carrying large pots to gather fresh water for their family. Recycling and filtering water uses a lot of energy and can be quite a lengthy project. Just because we personally have access to something, plenty of fresh water, that doesn’t mean we shouldn’t try to conserve it. I agree with Torsel that we should strive to preserve all our resources. It doesn’t make sense to be wasteful with a resource that not even all people have access too. I hope you can use this to develop your own thoughts on water conservation. Maybe even do some research on people who don’t have access to fresh water, or how water is recycled/used where you live. When it comes to laws on water conservation, it boils down to do you think that it is important enough to force people to conserve water. I’m times of water crisis, like droughts, I believe that there has already been some regulations that are enacted. You have to decide how you feel about water regulation laws that are always present.
I believe that water should be saved yes, and you should never waste anything, such as food or in this case, water. But at the same time, there is so much water in this planet, 70% of the Earth is covered in it. So it won't be a long time until we run out. There is also salt water from oceans. This can be filtered.