yes BA/BMI pulled MAN because they couldn't make money but that isn't a fault with MAN and its passenger base, it's a fault with BA/BMI.
Low-cost is the future in Europe,
I sure as HELL don't want to be flying on business low cost. I don't mind using them out of my own pocket but for frequent fliers who do a shed load of miles, they really need a genuine legacy offering. If the firm is sending me Ryanair I'm job hunting...... The future in Europe outside the South East IS low cost but the recent BA / BMI reductions were long haul and the legacy carriers remain serving their off shore hubs. They are the BAs and BMIs of the US etc.
If your argument held up, there would be a genuine low cost long haul replacement in the wings to take up the slack.