I don't see there's anything wrong with the industry. Thousands upon thousands of people still throw themselves at it year after year. They're happy to degrade their future earning potential and subsidize every one else's vacations with their SSTR & P2F.
If they want to do this then I'm only too happy to reap the benefit of it in the form of lower fares. If they don't, then they're free to quit and go work in another field.
But what about safety you say? Wouldn't I like a well-paid professional sitting up front when an engine fails? Well it's still a million times safer than going by car. The traveling public will accept a lot more hull-loss accidents per year before they start thinking about how much the pilots are being paid.
Remember there are plenty of people out there who fly for fun with PPL's or CPL/IR's but you'll never see them working fill-time in aviation, they're too smart for that.
If you don't like it - go and do something else.