There would be a lot fewer opportunities as many employers would get rid of their internship programs. This would result in even more competition for what paid

There would be a lot fewer opportunities as many employers would get rid of their internship programs. This would result in even more competition for what paid opportunities were left. If there are only a few internships available in a given field, having an internship would no longer be a de facto requirement for starting a career in that field (unless the handful of new employees who got the handful internships are all the new blood that's needed, in which case the unpaid internship system is just another way to string people along).