In a perfectly competitive market you would see wages linked to supply and demand. The market for pilot jobs is controlled by a few customers, with no balancing power from unions with power to withhold services. This is basically the situation that existed early in the industrial revolution, before unions were legal. Your argument assumes a link between supply and demand, and wage levels. That link exists and is having an effect, but is severely distorted by an oligopoly. A pilot shortage exists and will become severe, but the imbalance of power is unlikely to allow the market to correct itself through normal means.

In this situation, wages are unlikely to rise to a level that will bring supply up to meet demand. More likely, the few corporations that control this market will adjust other factors to bring demand down to meet supply. Congress is being asked to consider single-pilot operations at Great Lakes. If this is approved, it will severely cut demand and opportunities at entry-level positions. Other fixes include reducing crew rest, increasing days on duty, increasing retirement age, approving MPL cruise pilots, lowering minimums for ATP, and loans for pilot training. I'm sure there are more creative solutions yet to be proposed. Unfortunately, most of those solutions further reduce incentives for new entrants to this profession.