Harry
Having the hump was made a bit tongue-in-cheek. I note you are a new poster, and it's always good to hear fresh views in the Bristol thread. A belated welcome.
I am very much pro-BRS, which I have used as a pax for more years than I care to remember and still do so, although I am not an uncritical supporter.
I guess there are several reasons for the Flybe pull-back in routes. They obviously now realise that EXT is an excellent performer since being given a real chance and are concentrating the bulk of their south west flights from there. The points you and Devonair made support this contention.
easyJet's apparently successful BRS-BFS route may have had a bearing on the reduction in Flybe's BRS-BHD rotations.
Flybe made similar expansion hints at such airports as NCL, yet to be fulfilled, but you are right about a change of mind and they may now see better commercial opportunities in the smaller regional airports such as EXT and NWI, in the short term at least.
BRS has done incredibly well over recent years so it may be time for a breather, in relative terms anyway, although those in the know seem to be suggesting fairly imminent further expansion of routes/schedules, though possibly not at the express speed of the past few years.
BTW, I believe Macquarie (the half owners of BRS with Ferrovial owning the other half) only own around 24% of BHX, and Ferrovial don't figure there at all.