That sounds like it's not really about insider trading but rather about quality of service and avoiding perverse incentives? So different entities don't get different treatment by ATC.
In particular note that the requirement is about lacking financial interests at all, not merely about avoiding trading.
They're barred from trading anything the SEC regulates (including options and shorted stock) with regards to airline, airplane manufacturer or airplane part manufacturer stocks. There is an exception allowing them to indirectly own them (like through mutual/index funds).
But regarding Air Traffic controllers, it appears they are barred from owning airline stock https://www.law.cornell.edu/cfr/text/5/6001.104 (b)