I tend to go with you on this one. The problem will be that if this is somehow law then any pilot meeting the "mins" will get hired because they will need to fill the seats and there will not be enough applicants to choose from. There will not be a selection process when things get "good" again, it would simply be a where do you want to work and if you meet the atp requirements you are going to be able to pick your airline.

This would possibly kick the airlines in the right direction because they would need to compete for applicants but I think you'd need to be a real tool in the interview or fail all the exams to not get the job.