You got it
Heavy Metal - you got it right.
It's all about unions, and awards, and "a clean slate". To be a true LCC everything has to be considered a 'new start' with which to negotiate/screw the best/cheapest rate possible.
Air travel is about moving people from one place to another now - not about luxury and lifestyle anymore. The pilots will always be paid well compared to others in the industry, but a flight attendant will lose the 'glamor' they have been accustomed to and become a part of the safety of the aircraft rather than the 'service'. No longer will they just lock off a toilet on a long haul because it is dirty and it's not their job to clean it' attitude. I think being a flight attendant has already 'lost' that edge.
QF will become a 'small' elite "well respected/safe airline" for people who are willing to pay, and all the 'package deals/backpacker/mums and dads' will be on LCC's.
Unlike other things, air travel didn't get cheaper with time. It kind of got 'bogged down' and instead of everyone flying every where, every day - after 100 years of flight, there are still so many people who have never flown. A lot of time it boils down to cost.
Much as I dislike the man, Branson saw this before a lot of others.
This industry was stagnant.