I compared my earnings as an O-1 to O-3 in the 10 years I was in the Navy vs civilian airline pay. Granted I wasn't a naval aviator or NFO so I didn't get the aviation incentive pays, but I did get the $50k career continuation incentive at year 5 once I completed my active duty service obligation to stay for years 5-10 and complete department head tours.
But finishing up my taxes this year, my earnings as a narrowbody captain last year (one year) at a low tier airline equalled the entirety of my pay that I earned as an officer (10 years.) I didn't have to work as hard and deal with the administrative bs for that 1 year that I did for those 10.
So it's hard for the military to compete with that.