PIC Time
Not sure if the FAR 121/135 PIC time is from the HR or the pilot side. Many have had this requirement for many years. Examples include SWA, Fedex.
It has made many applicants ineligble because they may have been a carrier for 10 years and not have upgraded because of seniority rather than ability.
Understandably that can be frustrating. Been there, done that.
As far as 121 PIC being "less than worthy." What are you considering more worthy in terms of PIC or experience? My guesss is that airlines use previous experience as a PIC as a predictor of future success in their training program.
That's just an opinion.