Don't get me wrong. I fully understand your points and your argument. I'm just pointing out that historically the only way the LCY route seems to survive is with funding from another source. It is then either the IOM Gov need to step up and pay up (seems unlikely given they just stopped paying Loganair) or a business association/consortium/large company needs to guarantee to buy X seats per flight to make sure its profitable. Otherwise I believe the only hope is use Easyjet enough that they see the need to add a second daily.
Would twice daily a couple of times a week work better (even if still Easyjet)? for example on a Monday and Thursday they operate twice daily at decent times and then the other times a bit more random.
The corona staycation boom seemed like the time to push the Island but sadly they stayed locked up, while Jersey and Guernsey did better (albeit they attract a different market). Do the IOM even have a tourism budget? I've never seen an advert for the Island in an inflight or business/travel magazine or at an airport while you do see them for Jersey/Guernsey/Gibraltar. If nobody knows you're there or what you have to offer then you're not going to get the traffic you want.