Dinosaurs will never come back, except in more Jurasic Park novels.
They are part of history.
The same applies to pilot shortages.
Only in my country there are over 6,000 unemployed pilots (that is, guys with a CPL, IR, frozen ATPL, MCC), most of which willing to pay the TR to get a job, and many are willing to pay to work, instead of getting paid.
In my country, it would take about 15 years to absorb that amount of pilots.
In other countries the situation is quite the same, and there are fewer and fewer countries short of pilots. But they are short of experienced captains and first officers, rather that guys with all the papers but without real airline experience.
Even if the FTOs stopped producing pilots right now, airlines would have no problems in finding pilots in the next 10 years or so. They would maybe have to pay for TRs in about 5 years, but they would have lots pilots available.
FTOs keep producing pilots at an astronomical rate.
Look, the cycle theories are oversimplifications. Changes occur. Growing and downsizing occur. But the magnitude is what matters. We have fallen to a lower level and we are now oscillating about this low low low level. There are years of downsizing and furloughs and then a few months of hiring, and this repeats, but the average line goes down and down...
Remember...
THERE IS NO SUCH THING AS A PILOT SHORTAGE