Part of that narrative is that westerns don't want Russia to be seen as an equal again. We wouldn't let Egypt or Iran violate airspace and so trying to treat Russia similar to those than to ourselves or China, shows the position we are trying to take with them. Sure we are in a position were we can violate airspace (and sovereignty) but we want Russia to think twice before they try.
What scares me is the things nobody is talking about.
1) European Sanctions hit russia recently, coupled with oil prices falling this means Russia economy is doing very poorly.
2) Putin is backing the opposite side of the Syrian conflict as the Turkish president.
3) If these pilots are dead Russia will not be satisfied with an "I'm sorry"
4) America hasn't said a damn thing yet, to my knowledge.
5) I'm unsure what Putin actually thinks of NATO as they didn't do anything at all during what clearly was a land grab for oceanfront property Russia employed in the Ukraine.
these are the things that I think about.
Also it's funny to see my facebook full of selfies, recipes, and bitching about partners posts during an event that puts us closer to war than anybody on their has ever seen.