Its fair to say that regardless your view point it fairly complicated and not simply its a new company v its not a new company.
The bigger picture is where does Flybe Mk2 really fit into the domestic flying landscape? There focus seems to be (from staff recruitment) be BHD, but from press info BHX. BHX is currently well served for the climate and no one knows what's around the corner, will business travel pick up? BHD will be very well served by Emerald in the form of Aer Lingus Regional. IAG are working with the smaller regional carriers, BA increased codeshare with Loganair for instance. Blue Islands, Aurigny and Loganair all working together. No doubt they'll be pitching to Emerald also (maybe indicated by the work LM is doing with IAG). Not forgetting Eastern, its no secret their owner has deep deep pockets. All 5 current regional airlines are fairly well financed, pretty much independently or state owned and have always fared when interacting original flybe.
So where does that leave Flybe? If things return to Pre pandemic levels then maybe there is a need for a 6th regional airline. But what if they dont? How many people will actually want to travel for work as OFTEN as they did before? Maybe instead of weekly trips its bi weekly or even just monthly. In the meantime other airlines, notably easyjet have moved in to some of the markets and do offer a good product. Yes other reasons to travel will no doubt bounce back but is that enough to sustain 6 airlines? Theres a difference between connecting Islands and remote communities Vs flying from and to fairly well connected places. No question theres a need for NI, Scottish, Channel Island, Isle of Man, Ireland etc flights but internal England?