Actually, production machines found in the modern world of machinery can have automated methods of measuring, sometimes using laser micrometers, and can make offsets as needed to compensate for tooling wear. I expect that products such as the pilots we started off discussing would not be run at the sort of volume to justify such equipment though, but it's possible. What happens in a typical quality program is a sampling is used where at predetermined intervals, a sample part is picked out to inspect and if needed, all parts between that part and the previous accepted part are sequestered until a 100% inspection can sort out that lot. It could be 10, 50, 100 or more between inspections. Parts that fail may wind up in "economy" grade tooling, be reworked to specification if it is valuable enough to justify, or possibly reworked to a different size. Let's say it fails by being undersized by 0.001. It could be ground to the next smaller standard size.....probably on a manual machine, unless the volume of rejects justifies another CNC.
I'm not saying for a fact that these pilots are handled this way, just suggesting the possibility in general terms where products such as that are manufactured.