There are some things worth defending and some not.
Easy cannot compete on cost grounds with RYR or DY. Their core market, the UK accounts for 45% of the business and that needs to be protected - the position oat LGW, LTN and some regional bases is strong at present and they have a unique niche base at SEN where markets are being developed by Stobart. Where does STN fit- ok so long as we can make money there would be my judgement.
The EU is much less certain. LH and its subsidiaries have been particularly successful at defending the German market, one which tends to be conservative - so difficult. France is also quite brand loyal and there will be some negative feeling as a result of BRXEIT- I have more than one UK friend who things the UK has been very selfish- she won't be the only one so some difficulties their too but with a more vulnerable incumbent. Less impact for BREXIT in Scandinavia maybe and the Netherlands. Don't ask me to analyse Italy but RYR are quite strong there.
So EZY's approach as viewed form the outside doesn't look particularly silly to me. As I have said before the no.1 issue for a public company quoted in London is to protect share price. That is where the interest will be focussed even at the expense of some consolidation in the short term