Soft pay is your friend! I'm currently at the lowest pay rate at DAL (717 FO...8th year pay). For this month, I'll have worked 11 days (well, now only 6 because I called in sick for a 5 day trip), flown less than 30 hours and I'll be paid for 97.5 hours (last month was 132 hours pay). That works out to be ~$16k for the month...18.5k if you add in company 401k contributions. I still have 11 day in the month to either pick up normal flying or pick up some overtime trips, that could easily nudge me over the 20k mark. I enjoy time off more than money so I doubt I'll actually pick anything else up. I had multiple 30k (plus 401k) months as a Widebody FO while only actually working 12 days (due to vacation, overtime "Greenslip" flying and getting paid on days I didn't actually work due to deviating dh). Last year, I was only active at DAL (MLOA the rest of the year) for 7 months and I made more than your example above. A former squadron mate has gotten 150 hours of pay (though not flying much), every month this year. Lots of schemes to make extra pay for very little effort, especially if you get senior.
The big downside, is Uncle Sam takes a much bigger cut than you're used to. As a O-4 or O-5 on the bonus, you'll do just as good as a newer airline guy if you look just at straight pay. However, it's the time off that really wins the day for me (pay per day worked).
I'm for keeping it as it acts as a natural shock absorber during times like this. We could monotize them as pay rate or whatever, but the next negotiating cycle, the other airlines will match and we'll be back at square one...just without PS. I've worked at a place w/o it and now with it, and I think keeping this type of "at risk" pay is great for the motivation of employees. As long as you're not one of the idiots that COUNT on the PS to keep them afloat, then not having it is not that big of a deal. Though I don't expect to see pre-covid numbers soon, based on what I'm seeing, I'd expect to see PS in the next year or two.