LJDRVR,
First, I'm not a fan of bringing Bud Holland's name into the same conversation as professional airshow performers.
While Bud was an outstanding B-52, he was unable to get the training he needed to take his B-52 flying "to the next level". Why? Because the AF wouldn't allow that. So, he took it upon himself, violated flight discipline, and the rest is history. It was not an "airshow gone bad". It was a pilot who didn't know the limits, was overconfident, and violated the limits imposed on him. Same with the C-17 crash.
Professional airshow performers are just that: professional performers. And they have limits imposed on them. The hard-core aerobatic types almost always start out through the competitive aerobatic backgrounds. Very demanding and precise, and flown at much higher altitudes. But they build their chops there (usually).
When they move to the "airshow industry", they have to work with someone called an Aerobatic Competency Evaluator (ACE), who is a highly respected and experienced performer that has to validate their performance.
New performers start with an 800' deck. I cannot remember how many shows they must perform before they are eligible to move to the next level, which is 500'.
Then a bunch more shows, get evaluated and go to 250'... then a bunch more and get certified to the surface.
It's not a "I'll go thrash the airplane around the sky" type of setup. The performers enjoy it, and they don't want to see anyone hurt either. They do a great job of self-regulating their industry. The International Council of Air Shows (ICAS) has many resources and seminars that drive the safety point home. Accidents do nothing to help the industry out, and no one wants to see them happen. Even when no one gets hurt, it opens the door for criticism.
Neil Armstrong was a professional. What he did (test flying, space program) was far, far more dangerous than what is done in the airshow industry. Irrespective of what "inspired" him. Like the airshow professionals, he 'lived' to do what he did.
As was mentioned above,... and I'm sure everyone knows,... no one is forcing airshow performers to do stupid stuff. In the rare event where it does happen intentionally, it's almost always the performer taking what they think is a minimal increase in risk to make a better performance. And I've told performers that. More than once I've said "why bother getting so low? No one behind the first two rows of spectators can see you."
I just finished announcing a 2-day show today, and we had a performer who had done this same show 47 times,... and we had a performer in an Extra who was doing his very first airshow ever. And a few in between. Believe me, all of the performers were watching the new guy, and taking notes. They take it serious, and they want to do it well. And they certainly debriefed him after each performance.
Bottom line: I believe your representation of the problem being pilots in marginally safe JN-4's, and that the crowd is made up of folks that want to see that is completely wrong.
In fact, the number one attraction at any airshow (as proven by ICAS surveys that are given to spectators), are the military jet teams. And, as you know, they have a full-blown syllabus that gets them up to speed through a step-down program.
So... I guess I disagree with you.
Side note: as was pointed out on another thread, we've proved we can drive cars real fast now, and there's no need to spend your entire life training to go a little faster on a bicycle, while under the influence of steroids. Apparently, human nature enjoys the challenge.