You are definitely right about the way Vince treats his employees. I don't know if I would use the "u word" (union) to describe the answer to these problems, though.
I would take the more conservative, capitalist approach and say that there just needs to be more competition. After Vince bought out Ted Turner's WCW a couple of years back, it looked gloomy and grim. But right now, the independent wrestling scene is outstanding. Some of the independents get on television and some don't, depending on the money they have backing them. But I will promise you that, if you look for it, there is plenty of good wrestling out there, not to be confused with McMahon's "sports entertainment."
Again, I will shamelessly plug IWA Midsouth Wrestling, here in the Louisville, KY area. They do scientific/amateur matches, highflying "lucha libre" style matches and hardcore blood matches. But what they don't do is soap opera crap. IWA even has a new t-shirt they unveiled last week that reads "Sports Entertainment Sucks!"