I am not so sure it is just the BHX issue. The same thing happened with the Southampton route - flybe started in competition, saw off Eastern and then withdrew it.
Look at the flybe Blackpool charade - start up in competition to Manx 2, I suspect this put Manx 2 under severe financial pressure, and then pull out.
They are like a plague of locusts!
I have seen flybe pull out of the Isle of Man once before. They are ruthless business people and certainly would not think twice about ditching us again if the climate dictated it.