(Econ 101 again: increased price -> reduced demand, i. e. fewer flights.)
things get complicated of course as the situation under analysis gets further and further from the ideal setup, as data gets more scarce, and so on.
but the job market is pretty darn close to the simple model, and this question is also close to the ideal (how much more price need to rise for supply to meet demand, we draw the graph based on data from other professions, and boom, there's our answer, if we want to get very fancy we can do various models to try to estimate the curves.)
Fact: Somewhere between 1X and 10X is a salary where we would have enough applicants.
It's objectively true.
Whatever prior assumptions prompt you to second guess this obvious, objective truth are ripe for reanalysis.
> at a certain point you are just going to be cannibalizing other talent pools
Nothing to do with raising pay causing/not causing more supply.
The supply of labor for a given job is related to the market price of the job. This is literally ECON 101.