Here's what I see.
In the middle of the Covid shutdown, REX is granted a huge chunk of funding to maintain Regional QLD RPT services.
During this time, and after years of debilitating losses, Virgin finally goes tits-up.
Thinking that they can do a better job with the exact type of aircraft, no experience and AOCs they don't have, REX announce 'hold my beer, I got this'.
...and everyone rejoices