Remember what happened to the shipping industry and 'flags of convenience'. Working conditions, safety, competence etc. went to rock bottom very fast. No idea how it is now, but surely aviation doesn't want to go there? If they can do it with cabin crew how long before the sharp end jockeys come from the same quality of stable? It's only EASA licensing that is a buffer. Considering how the T's & C's and FTL's have fallen in EU under commercial pressure from the operators I don't doubt similar pressure will be focused on the expensive guys. The basic pilot CPL has been diluted beyond recognition over 25 years. Why? Cost. The annual training schedule has been diluted. Why? Cost. The number of licences engineers on the front line has been reduced. Why? Cost.
The pax will not return if the costs & prices rise too much; but you don't buy a BMW for the price of a KIA no matter how many robots they use to make one. Tourists in some countries don't eat the street food for fear of poisoning. The same is true by not flying with certain airlines, but that's fear of more permanent injury. Commercial pressure will continue and costs will be targeted. What happens when there is no more cost cutting possible? Some will aways find a way. Look what the XAA's have allowed over 25 years. Perhaps the have been playing a risk assessment gamble with the improved technology and got away with it so far; just. The future is very uncertain and difficult to predict. There are many thin ends of many wedges out there. Not to mention the tips of icebergs. The runways will be littered with banana skins and the board rooms full of hot air clichés to explain their non-culpability over the smoking holes.