Sorry but if you liken this industry to other industries then you obviously don't get it.
Firstly, your financial mate will have literally more than 500 different financial institutions he can apply to across the country, How many reputable airlines can you apply to in OZ, two, maximum three? This is the main difference. The aviation industry has very few employers that employ several thousand employees, where as other industries have thousand of employers that employ very few employees.
Secondly, what metric do you use to gauge ones skill experience? Flying hours? Type rating? Number of sectors flown? We are ALL checked to the same standard and go through the same annual recurrent training, line checks, proficiency checks, etc, etc...Is a 10,000 hour pilot automatically a more skilled pilot than one who has 8,000 hours. Is a long haul pilot worse than a short haul pilot? not necessarily.
Thirdly, you think airlines are out there looking for test pilots? haven't you learnt anything by now? Airlines are run by accountants and without seniority they would be looking for the cheapest pilot that meets the companies minimum requirements, end of story. They could care less if you're Yeager's offspring with 25,000 hours. And as we've already seen so far, there is ALWAYS going to be someone out there that would be willing to do the same job for a lesser salary, who do you think they will hire?
Seniority system may not be perfect, but it is the better option in this industry. It's somewhat ironic that you criticize a system that has afforded you an upgrade whilst keeping your CoS.