It is the fare paying passenger who decides what we should be paid. You can only push up wages when profits are high and pax are filling seats. Sounds like ALPA is ready for a fight they can't win. Southwest and JetBlue will no doubt pick up the pieces.
As for Chapter 11 protecting the companies at the expense of the pilots; without Chapter 11 there would have been bankruptcy. The latter would have left the industry in a healthier state, but would have brought even louder squeals from the doomed dinosaurs.
Passengers buy on quality and price, just like pilots do when buying their cars or computers. If you prefer the command economy, where wages and prices are decided by committees, the old Soviet system had the answer. It also brought poverty. The economic stupidity of so-called intelligent pilots continues to amaze me.