Which is precisely what makes the whole notion of “animal rights” problematical. Rights and responsibilities are two sides of the same coin. If an animal lacks the congitive capablilty to be held responsible for its actions, how can it be presumed to have “rights”?
So what you're essentially saying is that human babies don't have rights?

Think about it.
And science fiction is all that it’ll ever be. Aside from the potential for ecological disaster in messing with nature on such a fundamental level, the question is WHY? What would be the point?
I dunno, you ever seen a managed cat colony?
Besides, humans are going to change the environment regardless of how we approach it. We're too big, too numerous, and too good at it. Any life would do the same, and all life has the prospect of ecological disaster, simply because of its nature; something I never got about all those "gray goo" stories is that they seem pretty alarmist considering they were all written by giant colonies of molecular assembly machines.
As for why, the same reason you might take in a stray kitten. I doubt you would derive much economic benefit from it, but extending kindness is often considered an end in itself.
I understand this may be attempted as a way of eliminating pain in all its shapes from the universe (a noble cause in itself no doubt), but aside from the fact you'd be breaking the "prime directive" and all that, how would it be achieved?
The only ways I see it happening is either by essentially turning the whole wild beautiful nature into a big zoo, where you'd feed the carnivorous species with meat grown on trees (which in itself is likely to happen in the future), by turning the carnivorous species into herbivores, or by simply destroying the carnivorous species (which would kinda defeat the purpose wouldn't it

).
None of the ways seems like a good way to me... aside from the fact it would mess up the delicate ecological balance (herbivores would spread across the planet like the plaque, I tell ya' , without predators

), I see it as bad for the future prospect of all those species (herbivores have a smaller chance of eventually developing into sentient beings, for numerous reasons), and if you fed them all the time, animals would turn into fat lazy pets, and I don't see stagnation for them, which would be a product of that, the choice made BY US HUMANS, as a good thing. And this is were their (collective) rights come into play. Do we have the right do decide their future for them? To choose pleasant, without pain, probable stagnation, but still stagnation, or let them feel pain but not deprive them of their future potentials? Then again, that's what we did with domesticated animals, huh? And who seems happier to you, the wild ones living in the wild, or the ones in farms and such?
All in all, a good sf idea to ponder about.