You're dead-right, Lowkoon. All except the bit where you claimed 1500 wasn't pulled out of thin air by congress. It coincided with ATP requirement, and was merely being seen to be doing something (much like FAR-117) - all in spite of the far higher experience levels of the crew.
With the variety of flying jobs around, it's very, very difficult to use hours as a mantle. I'd be much more in favour of more rigorous sim testing, and a far longer training course. One that would be proficiency based, heavy on practice, rather than ticking boxes.
Here at CX, we do have some highly capable, highly motivated instructors. It's a shame that these guys aren't given the means to do what is possible. It's the same accross the industry.