I'd be surprised if Flybe even noticed when bmi Regional went out of business. Except for those who had the misfortune to work there at the time of its collapse, I'm sure the same could be said of most others.
If this is a "slot play" as rumoured, the nub of the issue is surely that this has only gone on because of the Coronavirus airport slot waivers from the 80/20 rules. If it wasn't for that, the slots would be long gone by now. I don't know what the "New Flybe" has planned but it does seem as though the Coronavirus rules might be used and abused to revive an airline which was in trouble long before we'd ever heard that dreaded C word? If that's so, I can see why others might be quite exercised about it.
Are the submissions to the CAA hearing panel in the public domain anywhere, or is there any (legal) way of obtaining them?