Because you are nothing more than CONTRACT FEED for a mainline partner that can give you the middle finger at any point in time. Your life cycle depends on Air Service Agreements that you can only HOPE don't get destroyed in bankruptcy, thrown out due to performance issues, or just flat out re-bid via RFP for someone who can do it cheaper.

You want a lifetime full of that? Have fun!

I'd venture to say probably 20-50% of regionals today will not exist in the next 10 years.