It's not that simple. Certain UK airports would no longer be commercially viable without flybe, and it's not as if someone else will move in to fill the gap. Loganair have enough on their plate and Eastern are in a downward spiral.
Belfast City, Exeter and Southampton would be at risk overnight if flybe closed. Glasgow is already going backwards in relative terms and Newquay would lose vital connections overnight. The fallout to UK PLC would be more than Thomas Cook going under IMHO.