That's it exactly. It doesn't matter if the negative consequence is written in black and white (as south coast would like to see) or if it is just perceived, the result is the same - pilots making imprudent decisions due to external pressure. In the case of Ryanair, I can confirm first-hand that such pressure exists and that the fear culture is deliberately fostered. That is not an environment where many will be prepared to stick their head above the parapet whether to defend their terms or report safety issues.
Believe me, if you haven't worked there you just have no idea. My tourette's has improved markedly since I left. I recall one particular memo from one of the management clowns which had me in a spectacular rage for days. The only way I could deal with it was by resigning.