I agree that the effects of an aging population are overstated, but I think they'd still be massive. A society faces much less challenges with at least a stagnant demographic instead of a declining one. And the reality of things is that the industry will always be lobbying successfully for foreign consumers and low skill workers in our current political climate and system, whether or not it is utilitarian or not.
China and India saw insane development during the last decades. Furthermore the way to advance society is not to breed potentially good looking children from good looking parents, that's an utterly superficial goal. Geniuses have been shown to be more or less random experiments, being offspring to totally unremarkable parents even though intelligence is largely inherited. So in a way the best way to spawn as many people who advance civilization is to have a large enough population and good enough educational infrastructure.
Bald people now are just caught in a perfect storm. In the past it was no problem for a balding man to find a fit mate and reproduce, if he could bring bread to the table and had good qualities as a father. Marriage happened much earlier anyways. Nowadays the prevalence of advanced communications technology, the pill and prolonged training years completely changed the game. That being said this is just a momentary projection based on our current societal frame which could just as easily change within the next twenty years or so. For all we know balding could be cured by then just as an example.