Yet 20 years ago you couldn't get a ticket (to anywhere) for less than $250. Now you can pick and choose what you want. I don't think I've ever checked two bags, for example, which used to be free! So the same ticket today with one checked bag and a back-pack under the seat in front is $75.
Prices have never been lower, which means more flights, more planes, more pilots, longer queues at Heathrow etc.