When I first moved to the left seat, many years ago, I was hard-pressed to keep my skill and knowledge higher than the First Officers, who were younger, more recently out of training, had the latest ideas and information and so on. They could also fly the airplane well, in many cases better than I could. My edge was that I had more experience and got more money.
When I finished my airline career my skills were not as good as they had been, and with airplane changes, the degradation in standards needed to hold a rating (we had to be able to draw the electrical system from memory when I started out, now it is printed on the panel), but hardly any of the FOs I flew with were worth employing. They could not fly, knew nothing, and were arrogant as hell. Of course a lot of it was my perceptions, and sour grapes as my career came to an end (I missed the age 65 lottery), but if you knew me you would know that I was always supportive of the younger pilots and still spend most of my time teaching and mentoring.
Technology has saved us by becoming better as pilot standards have been dropping. Even now, 5 years after being forced out of the airline business, I know I can fly a two engine out raw data ILS to CAT3 minimas without an auto pilot, or do a manual, raw data circling approach from an NDB in any of the Boeing airplanes. Most of the FOs I flew with during the later period of my careeer never could come close.
Company policy makes this the case, since it is perceived to be safer if all aids are always used. I still read pilots on these forums who are convinced that a visual approach can only be flown using the ILS, PAPI, GPS etc. With guys like that in control, what chance does a FO have to learn what he really needs? If the FO is even allowed to fly a sector, and if he/she goes outside the parameters of the FOQA the PIC will panic and take over, or insist that the FO use the auto pilot at all times. How can he/she ever reach the standards of flying skill we old timers used to have? Will the electronics always work and monkeys always be able to cope?