Im sure a few would 'downgrade' but look at it from the employers point of view, freight and air taxi operators are normally smaller oufits than where these unfortunate redundant pilots have come from.
As a smaller operator would you risk employing a jet type rated experienced pilot, type rating/training them on your aircraft, offering a smaller salary than whats the norm for there experience.
The risk being that they will be back to a jet operator quicker than a low hour pilot would move onwards and upwards, you then have to train others up to replace them, and as we well know, training is expensive!
Could be very costly for the smaller outfits.