I think it's a division of labour sorta thing. The unicorns do magic, because only they can; the pegasi use wingpower to fly, manage the weather and so forth, while the earth ponies do the ground based tasks like farming and baking. It's obviously not a rigid caste system (as Fluttershy is doing a task you would think an Earth pony would be assigned) but presumably it is frowned upon - look at Mrs Cake's reaction to Starlight whipping up a cake, for example.
At the end of the day, everypony has a role that they can do comfortably, feel valued for their service, and make a few bits in the process. That seems a worthy goal for Pony society as a whole.
Also worth thinking that, as Twi says, very very few unicorns can actually do more than a few spells aligned with their cutie mark; maybe there just aren't that many unicorns that CAN fly with magic, that they would displace pegasus ponies from that role.