Some people have a hard time understanding the value of experience, especially in aviation, because it often time does not become evident until you have it and can look back with some degree of knowledge. Higher pay and work rules attracts individuals that are better suited for a job that involves a substantial amount of decision making that is rooted in years of incremental education and experience operating aircraft commensurate with that time.
Just cause you can fly an ILS...while a required skill, means very little. Your example implies that a candidate at a legacy with no CA time is equal to a minimum time new hire about to embark on a 747 internationally. I understand what your trying to explain but this example fails to acknowledge the years of experience said pilot has been flying before getting to that position, albeit in a very controlled domestic passenger environment.
Now put your self in the shoes of that captain flying internationally with Excellent CRM and TEM skills. You have 3 inexperienced FO'S with you (on the 747 we don't operate with just 2 pilots very often). You are about to depart on a 14 hour flight that includes complex weather, oceanic procedures, sensitive cargo considerations, and perhaps a slightly altered operating envelope restriction due to a recently issued bulletin for the aircraft (a very average day, btw). At what point in that flight do you as a Vigilant CA go to sleep. At what point do you comfortably take your crew rest with a sufficient degree of confidence that your aircraft and crew will not cause damage/injury to someone or worst of all get violated and have your license endangered [slight sarcasm....very slight].
There's a reason you don't give a 15yr old with a restricted license the keys to an 18-wheeler full of cargo on an icy road. Will he/she be capable of starting the engine and driving off...probably. The liability, however, is not as tangible and the cost, is immeasurable when human lives are at stake.