We had heavily regulated airlines until the mid-1980s or so. We also had a lot more airlines back then as well, so the argument that re-regulation will drive airlines out of business is bunk. Speak to someone who flew in the days of regulation and who flies now and see what they prefer-I know I liked the old days a lot better, even though the fares were artificially kept high.
But back then you also didn't have pilots and co-pilots earning McDonald's level wages or have them so inexperienced and exhausted they can't even handle a relatively common situation like icing. Lost baggage was a rarity as well, instead of the common event it is now (my last five flights at least one of our bags has been lost or delayed three times).
These days on any trip less than 500 miles I will always prefer to drive or train (East Coast only) if possible. Modern US airlines are pretty much Greyhound buses in the sky these days, except they treat their passengers even worse. Flying used to be fun, these days a good flight is one without any extreme aggravation.
The airline industry is in the sad shape it is in now because of deregulation. Both safety and passenger comfort has suffered greatly.
The only significant improvement in thirty years has been the banning of in-flight smoking. In every other aspect flying has deteriorated.
And speaking of nationalization, we instead have heavy government subsidies to so-called private industry. Who do you think pays to build the airports, maintain them and pay for air traffic control? We the taxpayers do, even if you never set foot in an airliner. Yet another case of good old American publically subsidized "free enterprise."