I've read a bit about this episode on these pages and elsewhere. Some of it was outrage, some vitriol, some was of the "those are the rules" variety. None of this is particularly useful in solving the larger problem that flying has become a generally awful experience, which in some cases (airplanes stranded on runways for hours) go beyond the pale of what humans should be subjected to. It's telling that in most of these cases, the airlines were not found to have done anything illegal or that was not permitted to them. I would be tempted to argue that the regulatory environment that allowed these things to happen with little consequence to the airlines is therefore faulty. Maybe even a market failure. That is, the fact that "those were the rules" is not an adequate answer, as far as I am concerned. As always, someone allowed those rules to be set up that way, and I am sure that they were to someone's advantage.
I am left wondering. Why, when I buy my flight ticket, can I not opt for a class of ticket that maybe costs a little more but that does NOT permit them to bump me? Isn't that how a free market should operate, that is, what people want should be reflected in the price of a commodity. When we deregulated the airlines, thus guaranteeing the race to the bottom of not only prices but of service too, why didn't anyone stand up and say, "Hey, wait a minute."
(Another possible way of possibly handling this is a non-refundable deposit on making a reservation. Odd what we have come to think that we can change our plans willy-nilly right up to the time of departure at no cost to ourselves. Can you imagine a wedding photography contract without a non-refundable deposit?)
And in case someone is tempted to answer that there is such an option, it's called first class, let me state in advance that is not even close to acceptable. Having the "no bump option" should not cost three times as much as a regular ticket. Besides, there are lots of flights with no first class section.
Shouldn't free market competition fix these kinds of problems? Why haven't they? The airline marketplace is surely mature enough by now.