So why don't we require 1500 hours because the 'name of the game' is cheap cheap cheap.
Probably for some. For others it isn't. It is more about the ability of a pilot group to stand together and negotiate from a position of power or be divided and don't stand a chance. The latter ones, regardless of hour requirements for new entries, will invariably be on the race to the bottom. The others won't necessarily.
In my company we have more than doubled our salaries since we hire MPL students with about 80 hours real world experience. Both issues are not (directly) connected, however hiring low hour cadets isn't necessarily an indication of bad conditions.
Not to mention that the 1500 hour limit wouldn't work in europe as there are simply not enough low level flying jobs for those starting out in need of those first hours, they simply would have to pay for most if not all of those hours.