Despite the return of the 737 Max one year ago, Boeing is still struggling to regain momentum.

• Since regulators approved the return of Boeing's 737 Max to service one year ago, over 30 airlines worldwide have been flying the planes without any incidents for more than 800,000 hours.
• The plane remained grounded for 20 months, which is the longest time in aviation history, due to two deadly crashes that were partly caused by an automated flight-control system.
• Despite overhauling the plane's design and software and paying billions of dollars, it is uncertain if Boeing has truly learned from the incidents.

Since the 737 Max returned to service after being grounded for a year, there is a consensus in the industry that the plane is as safe as any flying today.

John Cox, an aviation safety consultant and NBC News analyst, stated in an interview with CNBC's "American Greed" that the most common question he receives is, "Would you get on a Max?" To which he replied, "Yes, without question, and I would put my family on one."

Boeing must ensure that its next generation of aircraft avoids the mistakes, shortcuts, and management failures that resulted in 346 deaths in two 737 Max crashes in 2018 and 2019, which were partly caused by the plane's flight-control system.

Peter DeFazio, D-Oregon, the U.S. House Transportation and Infrastructure Committee Chairman, had hoped that the new leadership would bring in fresh perspectives and lead the company back to its former glory as the best aerospace engineering company in the world, but that did not occur.

The crisis has cost Boeing $20 billion and a significant share of the single-aisle market, which is now dominated by the Airbus A320 due to intense competition and pressure to cut costs and speed up production.

Despite the return of the Max, Boeing's commercial airliner deliveries still lagged behind Airbus in 2021.

Boeing paid $2.5 billion in fines last year in a deferred prosecution agreement with the U.S. Justice Department to settle charges that the company concealed critical information about the Max from regulators and the public. Despite this, DeFazio considers the penalty a “slap on the wrist” and continues to criticize what he refers to as a “culture of concealment” at the plane-maker.

The Chicago-based company stated that the crashes of Lion Air Flight 610 and Ethiopian Airlines Flight 302 resulted in significant changes.

To prevent future accidents like those that occurred, Boeing has made significant changes to its company and the design of the 737 Max.

Out of control

In 2019, regulators worldwide prohibited the use of the plane due to the discovery that its automated flight control system, MCAS, could malfunction, causing the plane to plummet, as seen in both deadly crashes.

Boeing developed MCAS as a solution to the stresses caused by the Max's engine design, which could cause the plane to fly too high and stall. However, in a series of fatal errors, the company allowed the system to be triggered by a single sensor. Federal prosecutors claimed that Boeing engineers withheld information about MCAS from regulators, resulting in most pilots being unaware of the system and its potential for failure until after the first crash.

The FAA approved the resumption of flights for the plane after a 20-month review that included design and software modifications, as well as additional training. Despite this, airlines worldwide have only gradually returned them to service, with some keeping them grounded, particularly in China.

Since December 2020, 185 out of 195 countries have resumed using the jet, with no reported incidents.

Over 30 airlines worldwide have safely operated the 737 MAX for 325,000 revenue flights and more than 800,000 hours, with a schedule reliability rate of over 99%.

Cox, with over 50 years of experience as a pilot and aviation safety expert, stated that the changes represent significant improvements. He explained that the likelihood of an unintentional or mistaken MCAS activation has been greatly reduced. Additionally, should such an occurrence happen, pilots now have more training and resources to manage it effectively.

Work in progress

Few observers are willing to give Boeing the benefit of the doubt it once enjoyed regarding whether the company can avoid similar disasters in the future.

Richard Aboulafia, a veteran industry analyst, stated that the jury is still out on the 737 Max problems, and he believes that Boeing's loss of focus on engineering, traditionally its strongest area, is the root cause.

Unlike most leaders in the company's 105-year history, current CEO James Calhoun is not an engineer. However, Aboulafia acknowledged that the company has recently appointed some engineers to its board and management team.

While those moves were good, he believed a more significant change should have been made.

Aboulafia stated that he would examine the upcoming earnings report, which will be made public on Wednesday morning, to determine if the aircraft manufacturer is truly investing more in research and development as promised.

In 2020, the amount spent on research and development for commercial airplanes by Boeing decreased by 29%.

What were their actions in 2021? And what are their expectations for the budget in 2022? Or is the answer to all of this, 'Yes, we'll be letting go of more engineers?'" he said. "I prefer it not to have a negative number in two digits. At this point, it's just maintaining a capability rather than having hope.

Boeing is still transitioning from a company that prioritized financial concerns to one that focuses on engineering, as agreed upon by Cox.

"Yes, they are capable and taking the steps, but I'm not sure if those steps are large enough and fast enough based on the information we have," he said.

The 737 Max debacle has led airlines and regulators to make changes, with a renewed emphasis on maintenance and pilot training. The concept of certifying a derivative aircraft design, such as the 737 Max, which is based on a plane first flown in 1967, may no longer be applicable.

The 737 Max saga fundamentally changed the way aviation operates, builds, and trains throughout the industry. The economic, operational, and societal impacts of this event were unparalleled.

An iconic American company has been pulled off course due to the quest for corporate profits, resulting in deadly consequences. Tune in to a new episode of "American Greed" on CNBC at 10 p.m. ET on Wednesday.