Earlier quoted context omitted.
So right now, A&Ps make about 120-150 per hour, and they have the skills to get hired at dealerships where the hourly is above 200. There are not enough A&Ps. I understand the logic you're using when you say you're happy that the standards are high. What you don't understand is how many A&Ps pencil whip annuals, or overlook corrosion or other safety issues all the time. They are overworked, and spend their time focus…
I mean, the moment my car starts going 200 miles per hour+ at 5,000 feet+ over peoples houses, yes you better ramp up the inspections. There has been a massive increase in student/new pilots in the last 5 or so years. This will demand an increase in light aircraft technicians and engineers, just like any other industry that experiences growth in a sector.
I would be so happy if my plane could go 200 mph; it would make it so much more practical. It's faster than most at my airport, but not that fast by a lot. At 5000 feet you have so many more options; the regulation in 91.119 (off the top of my head, even) is 500 ft from houses + cars, or 1000 ft in "congested areas". There's some conjecture on what a congested area actually is.
Inspection do look for things like cracks, but are more for spotting illegal cupholders and ensuring logbooks are in order. There's a very keen understanding in the industry that a plane after maintenance is in its most dangerous state— plenty of folks wonder if disassembling airplanes on a yearly basis (sometimes sooner) and putting them all back together isn't worse than the alternative. On one of my plane's first annual inspections, I got the airplane back with the bottom of the engine cowling still disassembled-- parts just stuffed back in place. I then had a spark plug fail 2 hours later. We think it was dropped and cracked, but the mechanic didn't want to own up.
Unfortunately, the industry is not currently growing (you may recall some new stories about Spirit most recently). Further, most of "any other industry" are not so tied into the military and intense, stagnant regulation. People here keep telling you that aviation is in a rut. It's a rut we know how to get out of, but the government is going to have to allow us a pathway to do so. Otherwise, there are plenty of countries to look to for insights into our future— dead GA for the wealthy only, and a less free populace.