The point is airlines are giving people options. Flying is unbelievably cheap if you want it to be but you get what you pay for - a safe flight in a moderately uncomfortable seat. People wanted cheap and they're getting it.
I wish more airlines offered more classes of service though. Flying United to Europe you either have crummy economy (exit rows are fine but the service still is poor) or rather expensive first. More options for mid-tier service where you have larger, more comfortable seating and nice food options similar to Virgins "Premium Economy" service which is is quite nice at a reasonable ask for those that find a couple hundred dollars extra worth it. I find it worth it for 8 hour+ flights to have some extra comfort so I feel better when landing.