Exactly. Regionals operate in a bizzare alternate economic reality. Any "airline" can be very profitable and even well run (I know right) yet lose massive amounts of flying or even shut down simply because someone underbids them by a penny. They don't own their flying. Majors do, so while they still have to compete and costs are still a factor, if the airline is doing fine thats not a risk they have to that same degree.

Not to mention legacy airlines will get significant longevity corrections with the upcoming mass retirements and significant, suatained hiring.