Screw that, I made $2,000 off United one day by being bumped (Christmas time, volunteered to get bumped from four flights -- was hoping to keep it up for a couple more days).
Yeah, I was only bumped once involuntarily, but the compensation was still good. Been voluntarily bumped a number of times, and made out like a Banshee.
Buddy of mine and I once flew to Australia for a month of leave. We got bumped from our flight out of L.A., but they not only put us on a flight that literally left 10 minutes later (but was not direct), but also gave us each two
transferable tickets good anywhere in the U.S.. We sold them each later for $450/pop (back in 1989), which had the net effect of making our entire trip free because we took MAC the rest of the way.
The vast majority of the time, bumping is voluntary, and everyone ends up happier for it. So personally I would not want to see an end to overbooking. When I want to guarantee I won't get bumped for business, I make sure to pay full-fare coach or business.