John, some do feel the qualification is more than it is. As a graduate in engineering, I know what a reasonably thorough degree entails hence why I find people trying to compare the qualification to something more in depth bemusing. I can empathise with you there, but not to the point of scorn.
Given the reduction in terms and conditions over the last decade it doesn't take a leap of imagination to suggest the scenarios you seem to eagerly await. But mocking people for not embracing this further depression in t&cs is akin to not understanding why the turkeys won't vote for Christmas.
What do you feel would be a fair pay for a new pilot over the course of their career up to the point where they've serviced the inevitable loan. Let's fix the cost at £90,000. Factor in loss of salary during training, loan repayments, a room share for three years, a two bedroom flat rent for the rest. Let's hypothesise that will cover a few years more bachelorhood and then the possibility of a partner.
Disregarding supply and demand, what would do you feel is reasonable recompense? Let's make the loan period fifteen years. Just to make it simpler.