The bubble bursts for almost every airline at some point. Let's even look at BA, they have kept pax on loyalty alone for far too long yet if you listen to feedback their product is declining year on year. There only seems to be transatlantic where they are better than competitors. So my point being how long can FR continue with their bully tactics? Yes it's proved very successful so far, but can it last. The only airline I have any long term confidence in is Jet2 as they seem to adapt. Oh how lucky we are to have them at LBA.
I would say some consolidation of some sort is inevitable