It doesn't mean experience or competence. How much experience do I have if I fly 1500 hours of VFR pipeline patrol, or 1500 hours of banner towing? Surely that isn't the same experience as someone with 1500 hours who has been flying in the 121 environment in all kinds of weather talking to ATC.
Until you put qualifiers and categories of flight time together, the hours don't mean anything. What matters is the type of flying being done, and the training to get there. Much like the military, someone with 500 hours and specific and targeting training for the 121 world can be much better prepared than someone with 1500 hours of buzzing around towing banners.
But, it doesn't matter what the facts are. Congress passed a law based on the emotions of dead people's families, not facts. Facts are too inconvenient, and crying families are always good politics.
ASA, good dicussion. Having flown with both I will take the banner tow guy 6 days a week. The 7th is a regional jet jockey in the sim. I, most can teach, any yahoo to jerk gear and talk on the radio. What I can't teach you are stick and rudder skills when the wheels are coming off the bus. Maybe he is not fully competent, but he has seen more, made more decisions than those joining the regionals right away. There are of course exceptions to every rule, I'm sure you have flown with a few those too.
Ab initio is coming. Just like in China, they'll sit there jerk gear, talk and the Captain will fly.
As you state, it's a mute point.