That's probably a major part of it, although never underestimate the arrogance of an anemic route map's manifest destiny in the eyes of its beholder. At the fantasy phase, who wouldn't want to monetize theoretical growth potential? Hence the massive collective order books for the so called "LCC's". There is clearly no room for anywhere near that much additional domestic capacity. Arguably any at all, really. Yet billions are being bet on that gamble right now. They are also high on the progress they made during the "lost decade" which wasn't just an era of pilot devaluation. That is reversing, sharply, for the legacy carriers, yet some keep putting their chips on the same roulette number that hit last time because hey, it hit last time, so...

They are also rapidly diverting cash to "internal investments", some of them quite "contrarian", in a move that many say is perfectly orchestrated to position themselves to participate in consolidation one way or the other. I think their days as a stand alone are limited either way though. That said, and while a SWA takeover/fragmentation is still my prediction for them, this latest series of moves does seem to be more directed at agitating the legacies in an attempt to force someone's hand or, if nothing else, to get some more bidders in on things to drive up the price.