I saw & experienced a similar event in Aviation in the 80's. Donald Burr & Frank Lorenzo formed People's Express & NY Air respectively, to establish 'cut-rate,' air travel.
They turned air-travel into a Greyhound Bus experience. It was the 'race to the bottom', that Pan American, Braniff, TWA, Eastern, succumbed to.
The end result, a 'Value Jet' reality. Flown lately? Good luck, you are on your own.
They ruined Aviation the way Journalism has been Murdoch-ized.