Who attends those private flight schools? Unaffordable aircraft obviously won't improve things and seem quite likely to make things worse.
If I recall correctly, Patrick "Ask the Pilot" Smith has had some things to say based on his own experience here. In any case, whether or not that model is actively used today, I would be entirely unsurprised to see it spread widely in the next couple of decades, and maybe not only in the airline industry.
At some point the pilot shortage might get severe enough that airlines have to hire pilot trainees with little or no experience and then pay them to go through a training program. So far that hasn't been necessary but it's a common model in other countries.