Interesting discussion!
1. Indeed, we already have many incentives to stop planes by fake threats, and it does not happen.
2. The problem of moral hazard is present in all insurance economies. Of course, this has to be solved.
3. Part of the solution will be a P2P approach, limiting the payout to people who themselves have "skin in the game".
We will elaborate on these topics in the next time (disclaimer: I'm one of the founders of the FlightDelay DApp)