Well yeah, that is actually an option. Same thing with the pay. Don't like it, don't do it. Getting people to say "no, we won't work these hours for this money" would be my preferred method of changing things, rather than getting the federal government which is, by nature, slow and inefficient, to step in. Unfortunately, that does not seem likely to happen in this flawed world we live in.
		
		
	 
 
The world is fine.
Here's the trick.  We live in a large country, have no real rail network and we want to leave our homes in LAX and be at Walt Disney World that same day.
If that plane drops over Dallas, kills 250 people and another few hundred on the ground people will demand action.  The airline doesn't care because it was an actuarial risk by having the pilots on a reduced rest layover after a transcon flight.  The Lessor doesn't care because they figure for every 100,000 hours of operation, they're going to have X number of hull losses.  The guy flying from LGA to DCA isn't going to care because he got a el cheapo ticket on Orbitz and he's not even flying that airline.  
But when the survivors of the 250 victims of the airplane crash, the deceased crews and those lost on the ground call for action, who are they going to call?
The Airlines?  Hey, pilot error, not our problem, pass the champagne around.
The Aircraft Lessor?  Hey, statistically speaking, we're still beneath our projected hull loss for the fiscal year so our insurer is covering the loss.
The Manufacturer?  Hey, probably an operational error.
The FAA?  Ask the NTSB.
The NTSB?   Well, why did this happen.... but then the FAA, Airline Industry, manufacturers and the general public will absolutely lose their cookies if their recommendations and synopsis is going to cost $0.01
Ask yourself this.  If both Captain Al Haynes and Captain Sully Sullenberger were on 15 of 16 hours of duty day when all of the planets aligned and the event occurred, would it have resulted in a similar, better or worse outcome?  
Do you want a sharp, well-rested pilot in the cockpit when the plane hits a flock of birds and you'll be ditching in the Hudson, or is a guy off a 9 hr overnight where after a meal, preparing his uniform for the next day and the round trip shuttle from the hotel reduced his sleep opportunity to 6 hours the night before when on his 15th of 16 hour duty day, there's an explosion on the #2 engine, hydraulics are out and you have no aircraft control other than differential power in large or somewhat smaller descending circles over Sioux City.
Remember, there are MANY MANY factors that have to occur to have an accident, if there's an opportunity to solve something as simple as pilot fatigue and pull that out of the chain, the blood is on our hands if we miss an opportunity to mitigate that risk.