I completely agree with you, because

(1) The time value of money is a very real thing, and front loading salary pays off in very real ways at the end of your career.
(2) Frontloading and smoothing raises over a career keeps everyone in a lower tax bracket.

I would much rather have earned a 12 year FOs salary consistently throughout my entire career rather than getting equipment and seat raises. But I see no clear path to undoing what they did.