I was a ramp rat for Atlantic Coast Airlines over a decade ago, although I left before the Independence Air experiment. Others might call it a "fiasco".
Back then, I learned exactly how nasty the regional airline business is. On paper, it looks ok, senior captains were making six figures, the airline had been around for decades, and never furloughed anybody. That's what we all told ourselves, anyway.
But the reality is that if you're not growing, the nature of the airline beast is that your labor costs increase every year in ways that are beyond your control. Under the types of agreements that are common these days, these costs are passed on to the major affiliate. They get tired of paying them, and think they can outsource the flying for cheaper.
And they do. Some other regional-airlline-dujuour will come along and say, "we can fly it cheaper." Yeah they can fly it cheaper, because when your previously cushy airline gig goes belly up because your carrier lost the contract, the next carrier is going to hire you at first year wages -- $22k/year. UNLESS, you are lucky enough to get hired on as a street captain.
That's when I learned the realities of pilot life, and I said f that. What for? I still work in aviation, but on the white collar side, I can get laid off and get a 25% pay increase (which I've done.) At my current employer, I work with people who have been at the company longer than I have been alive, and I'm not fresh out of school anymore.
BTW, back to Independence Air... flawed business model or not, I had respect for them trying to stick it to United. Truth is, even if they didn't try, they were still screwed, so why not give it a go?