Things are going to change, deal with it.
Age 16? Nope, not me. I think the FAA is prudent to not allow ATP rated Captains to fly at less than 23 years old.
But there are things that a young pilot had to grow in, and mature in, to get those required hours, while traveling the age range of 18 or 16 to 23. It is not a complete guarantee, but most people by age 23 should be able to Captain an airliner (and like anything else, I am sure some make it through the cracks who shouldn't).
I am sure every crew member has the option, like hey buddy, if you fly like that again, I am not going with you.
I wish you the best of luck as you pursue your dream. Aviation is a great and challenging profession.
Having said that I would like to point out that having a 300, 600, or anything under 1000 hour FO isn't the safest thing either.
I EARNED my first type rating when I was 21 in a Metro III, and flew single pilot for 3 years, SAFELY. There were a few pilots twice my age that washed out of training, or damaged aircraft due to poor decision making.
I can also say that I know many older pilots who act like they are 15, and many my age who act like they are 50. There are exceptions to every rule.
When you get down to it, it's more about experience, not age. Simply being older than someone doesn't make you a better decision maker. Experience DOES make you a better decision maker.
Just because I may own a MP3 player, or I use hair gel, or I have a strong preference toward backpacks, doesn't mean anything. Things don't stay the same forever, and this is how the new generation does things (not just in aviation either). Just as the generation preceding you didn't approve of new hair styles and young culture, I probably wont approve of the generation after me. IT'S JUST HOW IT IS! If you don't possess the mental real estate to comprehend this, you'll find a career in aviation will be very hard. Odds are most of the regional captains you fly with will own ipods, and backpacks.
And again, good luck with your new career.