The CAA stats show that city jet carried over 6k passengers between ORK and LCY in March. They offered something in the region of 16k seats. The people of Cork have clearly spoken. ORK doesn't want a 'premium' product, 'free' bags and coffee. There's nothing wrong with that.
Looking at the numbers, if they had reduced the schedule to 2x daily on weekdays and x daily at the weekend (Saturday morning and Sunday evening) they would be offering 11,020 seats in March. They probably wouldn't have lost many passengers, either. The route must have been a dog, to say that reducing schedules, but still allowing day trips couldn't save it.