By socializing the losses and privatizing the gains, pilots and airlines didn't have to experience any of the risk typically associated with private employment, like your company going bankrupt and losing your job. Now, they reap the benefits of low pilot supply and high pilot demand and can demand huge increases in wages and benefits. Just another example of government interference screwing up the free market forces. It would have been "more fair" if the government didn't bail out the airlines and they had to dilute their stock, furlough/cut pilot wages, and had to restructure to survive. Then they could have raised wages and benefits as demand returned and to makeup for lost wages during the pandemic.