"I find strange now is that the status of pilots is so much diminished from what it was - and from what little I know, so have the financial rewards, almost certainly as a consequence." (Sorry, I'm yet to master the art of 'quote'!)
You're right..... in the good old days, flying was an elitist mode of travelling so the pilots enjoyed the stature of people who took the rich and the famous around. Now, flying is 'just another means of travel' and the hoi-polloi as well as the rich and famous rub shoulders at the airports (not to mention other body parts in the tight seating offered these days!). Hence, along with their passengers, the pilots and other crew have also lost some of their mystique, status, whatever.
As for financial rewards, I suppose it is a matter of demand and supply. From some of the horror stories I read about on this forum - pay to train, pay to fly, sub-standard housing - I guess the reality in the airline industry is a very well secret, at-least until mind boggling sums of money have already been spent on ab-initio training. It is only AFTER the CPL that the scales fall from the eyes and ugly reality dawns. By then the wannabees are trapped and it is too late to back away. In places like the US or Oz, there is a fair bit of general aviation, so these kids at-least have some alternative avenue for earning a living, but in Asia, GA is practically non-existent. Thus the only option is to sell your soul and inheritance for an airline job.
Progress!!
