American tried. American failed. Nobody was willing to pay more.
https://www.nytimes.com/2000/02/04/business/american-air-to-...
Back two jobs ago, we had international customers with somewhat high demand to ship our people all across the world on, sometimes on a moment's notice. I had to fly out 4 or 5 times in the span of two years, but some of my colleagues could do more than that in under a year. Somehow, the flights were almost always the cheapest airline available, and the cheapest seats available. The co-workers who flew frequently, including my boss, were all using the accumulating miles to bump themselves a class up.
United Premium, United Premium Plus, Delta Premium Select, American Airlines Premium Economy, Lufthansa Premium Economy, Alaska Airlines Premium Class, Air France Premium Economy, Air China Premium Economy...
tl;dr: when it comes to crappy airline service, the fault, dear Brutus, is not in our regulators, but ourselves.