I'd sooner see some balance and if that meant fewer companies that have reasonable T&Cs then so be it. Rather that than pay to fly schemes and this continuous race to the bottom.
Sure, that would mean more competition for less jobs but at least they would be real jobs worth having, rather than what we have now, at least for new pilots. For example, type ratings provided in exchange for a bond, a fixed base, a salary, a reasonable roster etc. The selection process could then include other things than the person's ability to borrow vast sums of money. I think that would improve safety.
If the legislators could somehow ban pay to fly schemes then at least it would be a level playing field for all the operators and they would then have to find other ways to save or make money. It ain't going to happen though.
I have seen many very good pilots miss out on a start yet some very dubious individuals buy their way into airline flying. Training these guys has clearly shown me that they are not the best people for the job as far as safety and efficiency is concerned.