I should also add, even if a commercial airliner had an operational 121.5 receiver, most fly between 30-40k feet. So unless they flew directly overhead, they would likely be out of range of a 121.5 transmitters range (approx 6 miles on a good day).
Also should add, there are many ground based devices that give off random 121.5MHz signals - like microwave towers - so many "false alarms" resulting in many being ignored altogether until a plane is reported missing! The main reason for switching to the better 406's.
As a side note, the USCG did not give watercraft a choice - 406's are mandatory for seagoing vessels.