They are also considered critical companies for national security / capability reasons and neither will ever be allowed to fail by their respective governments, unless a local replacement exists.
They already have been. Tell me what other industry has as much oversight. The FFA exist with the sole intent of regulating anything to do with air travel. Imagine if the USDA decided that McDonalds had to stop selling Big Mac's because they found 1 that contained listeria, and had to inspect Millions of pounds of meat prior to letting them resume sale. Car recalls exist, but you don't see us stop driving when brakes fail or hackers can hijack your CAN system.
That's not what democratizing means. It doesn't refer to regulation or oversight, but rather to worker ownership and organisation of the group or business in question. Collectively owned / horizontally managed businesses do exist at scale, from farm cooperatives to the Brazilian industrial giant SEMCO.
