LoCo's built their business model on 'market forces'; i.e. the pax would flock to the lowest prices. It did work and the industry changed. The majors reacted & I can often get a comparable 'total ticket price' on a national carrier. There are also more players in the LoCo market. This rapid expansion was possible because of endless wannabes knocking on the door with wads of cash.
Those same market forces are now shifting from the cabin to the cockpit. Read the thread about Jet 2 v RYR. Even there the gulf is significant. Add in China's golden geese offers. I'd expect the ME majors to respond. With their expansion plans they will have to otherwise their a/c will be eating sand. The LoCo's may survive because some will see them as flight schools and the large airlines will allow them to be so. If they require 1500hrs minimum then the ruthless LoCo's will be seen as stepping stones. Huge turnover, but cadets preparing to gamble they can move on after a few years. It won't take much for a local airline to create a sympathetic package, offer a good career, and suck pilots away from the cut-throat merciless LoCo. Not everyone wants to trek off across the world and a cosier family life at home with enough income and work enjoyment will suffice.
Market forces will out, on both sides of the cockpit door.