What matters is whether a guy/gal is 'switched on' (to use a rather coarse description). I've flown with low hours pilots new to airline operation who exhibit far more ability, skill, resourcefulness, intelligence, human cooperation, composure, planning, foresight, caution, thoroughness and normal, predictable behaviour than many very high hours 'pilots' with vast airline experience. In fact, some of the latter category shouldn't be allowed anywhere near an airliner cockpit.
So don't tell me how many hours a pilot has, or how much airline experience, or whether they know what Reynold's Number is. Give me a (often surprisingly short) time operating with them in a two-crew cockpit; that's by far the best test of their basic, most important qualities, as listed above. Such an assessment is also remarkably resistant to the test of time.
That's not so say you give them an airline command position without sufficient experience. Regardless of innate abilities, command does require a decent spread of exposure to a range of situations. Again, however, there are a surprising number of long-established Captains with vast hours who should be shown the exit.
To answer the thread question more directly, there isn't a lack of decent airmen/pilots. There is, however, a lack of decent recognition of who they are. As a consequence, many poor airmen/pilots are recruited and allowed to prevail.