I think that the general public still views pilots as well paid and takes professionalism as granted. If they knew the truth about P2F and the current mess that the industry is in they would be horrified. Of course, they don't give a damn until there is an accident.
The US regional airline experience shows what happens when pure market economics dominate. They had a number of accidents with former P2F pilots and crap working conditions as factors in the accidents.
Airlines don't regulate themselves very well and the current mess is the fault of the regulators. Only when there are body parts hanging from trees will they do anything and if they don't, aircraft insurers will. Until then, we've not touched rock bottom.