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I think it can appear good on the surface and initially (cheaper tickets wow!) but then for example here in the UK you have newer train operators with special statuses, who have different compensation schemes, who choose to interpret legislation in different ways etc.

eg LNER (an older much larger rail brand) often refuse to carry passengers with a Grand Central (a newer low cost operator) ticket when there is disruption because of internal disagreements between the two companies and different interpretation of the law/contract. This is confusing, annoying and often very expensive for passengers when they board an LNER train (as it’s the next one) and get told they have to buy new tickets

It reminds me of low cost airlines and look at the state of flying these days. Everyone is “low cost” but often without the low cost part. Ie it dragged the bar down so low