You cannot borrow for rent, so rents follow income growth more closely. So in some expensive real estate markets, if no income growth, rent might not cover your mortgage repayments.
You make s great point as to the reason for this. Rental rates are completely detached from current interest rates.
But at the end, there's a decent shot you have full ownership of a house worth even more than you paid, and even if it loses most of its value you still own a place you can live in perpetuity paying only maintenance and property taxes. The renters don't get that, so it does kind of seem fair if they do not, in fact, cover your mortgage for you.
1) I am one year closer to owning the home. Yay!
2) Inflation. Rents next year might be lower, but rents in 10 years will be higher.