I think that what Flybe is trying to do is to indicate that it is the low cost airline for the UK regions. Personally I think this is accurate as Flybe has bases in numerous places not served by the likes of Ryanair and Easyjet.
Indeed before these two airlines existed Jersey European was considered as the 'lower cost' option to the likes of BA. As mentioned so many times before the 'european regionals' were the original 'low cost airlines.
Flybe is simply doing this as to provoke a reaction. It appears to have worked as required.