Y'know, when the ATP rule was passed, I was, like many low-time pilots, a bit chagrined by the whole thing. I mean, prior to that rule, lots of my peers were getting hired with low time, and passage of that bill didn't make me unsafe, did it? I understood the rule, even though I didn't like it. Felt a little unfair, and even moreso when I was teaching R-ATP qualified candidates but couldn't qualify myself.
There's a lot of you guys here who got hired at low time who now command large aircraft. None of you guys are dangerous.
I will admit though, through the lens of 20/20 hindsight, that had I gone to the right seat of a jet at <500 hours I would have struggled. The experience I gained doing other stuff - instructing, flying a turboprop, lots and lots of XC in my airplane - was incredibly valuable, and I've come around to thinking that an ATP should be the *minimum* mostly because I'm an average pilot and I suspect being somewhere in the middle, an ATP is at least a known-quantity benchmark to measure my skill.
I'm not sure about the collegiate carve-out; I've taught R-ATPs who were sharp, and some who were as average as me; I think it has more to do with the person than the credential. But whatever. That's the rule.
But. Yeah. That and three bucks will get you an americano....
(edited for clarity)