The implication (probably unintentional) of your suggestion is that we'd be better off as a society if this subject weren't even available for study (since people wouldn't be wasting their productivity on learning to teach it), giving rise to a curious paradox wherein ignorance is considered more valuable than knowledge. This concept only works as long as you assume a number of people with a surplus of economic assets who are willing to work at a net loss because they love teaching. Really, I don't think this is a sustainable path over the long term.
I'm saying that we'd be better off as a society if most people who want to become scholars in Native American Studies don't do it, and become nurses instead. Less fun for them, but great for those of us who want the services of a nurse more than the services of a professor. We compensate them for the lack of fun with money.
It's not cheap to participate in a program like this, especially not at a decent school. If there was very low demand, you would expect this to be cheaper, no? http://www.stateuniversity.com/program/05-0202/American-Indi...
I can't get with your thesis that she's being poorly paid because she's choosing to have more fun. It sounds as if she's worked extremely hard to get to the academic level she is at. And if you sample people, I imagine that most would expect that a professorship at an ivy-league university would pay well, since you have to be at or near the top of your field to land such a job.
As for my thesis that she's paid poorly because she is having fun, that's the situation for all academics (including myself). If she is truly underpaid relative to the fun of her job, why doesn't she quit and find higher paying work elsewhere? In fact, why do so many people apply for such jobs, when so few actually are accepted?
Hint: she likes her 3 months summer vacation, flexible work hours, relaxed environment, complete freedom to work on whatever she likes, and the possibility of never-get-fired-ever job security.
Perhaps one day we will become so wealthy that robots do all the work, and people don't have to do anything they don't like. Until then, most of us need to do work that benefits others in order to survive.