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The actual reason for a pilot shortage is due to fewer military pilots which used to transition to civilian pilots. It has nothing to do with the Department of Transportation.
Or the fact that the lifestyle is shit in most airlines. There is a shortage on other continents too, as in Europe where you can fly Boeings with less than 300 hours.
There are plenty of candidates, but they must pay for expensive training and type ratings (specific aircraft model training) that most airlines are unwilling to pay for, they used to.
Most airlines hate pilots because they cost money that should go to shareholders, so they would rather overwork a few than hire more. Conditions worsen year after year.
The constant sleep schedule runaway shaves a good chunk of your life expectancy. You have little control on where you live, no family life. Wanna go to a wedding? Just request that day six months in advance in a web portal and see it tell you it's denied. That thing your kid wants to see you at? We don't care about that! You're married to your job.
Younger generations don't want that kind of life, and also are more environmentally conscious, which doesn't help.
*I have no first hand experience in flying for a US airline but I know it's similar. Edit for typo.