I'd trust the FAA to do what they need to. Allegiant isn't the first airline to get in trouble. America West was threatened to be grounded over maintenance discrepancies and paid millions in fines. Southwest has paid way more than America West did in maintenance fines, having had to ground 128 planes and pay over $5 million in fines. Airlines have almost lost their ability to have an MEL over pencil whipping, which would have put them under Part 91 rules (everything must work) for maintenance.

One can only hope that the FAA will do what's appropriate if the company can't do it. Until then, it's up to the mechanic and the Captain who sign off the airplane as airworthy to do theirs and not sign it off if it isn't safe.