The point of the article is that yes, the scenario where pilots can claim all airline profits is ridiculous, because is it sub-optimal for everyone -- pilots, passengers, and certainly investors.

It also never argues that pilots are "delivering value" equal to the airline profits. Only that the pilots are in a position, due to regulation, to claim those profits, because they can shut the airline down (a power that flight attendants, mechanics, reservation agents, etc don't have).