I wonder if the changes will be made when it is too late and the industry is basically destroyed?
Unfortunatley, yes. I've seen the effect of 3 recessions now, and the ability of the aviation industry to weather the current one is no better than it was in the 1980's. It will, as is currently happening in the credit market, take a severe crisis to initiate funamental change.
The alternative is to keep patching and hoping for the best, something that's been going on in aviation for a long time now.