An aspect I think is important is that if you're a passenger, you don't want a minimum wage pilot up front. You want a pro.
And if the pilots, especially in the right seat, are struggling and maybe even starving as they pay the dues of building log book and command time, and may be questioning whether its worth it, they may also be questioning the expenditure of time and conscientiousness that it takes to be competent. That's a danger.
Although I'm not at the very top of the heap, flying a domestic narrow body for a US major, I consider my job to be a plum worth protecting, and my compensation is fair for what I do. I protect that job by being as professional and astute as I can be every time I sit in the cockpit. Passengers may or may not perceive the reward of flying on an airplane with a crew that worked and sacrificed to get where they are, or be willing to pay a little extra for it, but I do, and am.