Nice job, you took human flight, something once hailed as breaking the chains imposed on our species by the gods above, and in the name of profit made it the most tedious and insufferable thing imaginable.
People chased the lowest fares possible too though. "Hey, I can save $5 by sitting in this even tinier space where they charge for taking a piss! I can hold it for 3 hours."
I see you got as far as supply and demand in your economics course before you zoned out. Competition specifically 3 competitors has been shown to apply sufficient pressure to stop price gouging. Airlines profit margins are at 8% which indicates sufficient completion.
I doubt your profit margin per ticket includes over head costs. Is sounds like it's mostly direct costs that are included. If your shop truly had a 70% profit margin the owner would be loaded, for every 100k you charge customers they would be taking home 70k in profit.
And free market capitalism also supports competition - if there's a company that can do it for less, there will be, because people will spend less if they can.
How long have you been alive? If you've been an adult for ten or more years and haven't noticed the degradation in quality of services, I don't know what to tell you.
People already pay double, and more, for business and first class. They get a much better experience than economy fliers. The problem with flying economy is that it's a race for the cheapest ticket, so they'll keep cutting service and comfort as long as people still buy tickets.
If people stopped buying economy tickets because the experience isn't acceptable, then it would improve.
The glory days of air travel were before deregulation and they were much more expensive. Now they are cheap and as pleasurable as going on a bus. Actually prices have been going up significantly recently but the shitty conditions remain.