Southwest used to do this, but then somehow got a CEO that burnt it all down instead of raising ticket prices by $20-30.
Before them Alaska Air was similar, and is now similarly bad.
Having the customers actually own the airline seems like a reasonable approach. The trick is kicking all the assholes off the board, so they can’t fire leadership for treating customers decently while turning a sustainable profit.
True, Alaska skimped on maintenance so much they killed a plane full of passengers that should never have died. https://en.wikipedia.org/wiki/Alaska_Airlines_Flight_261
I can't fathom how this airline was allowed to keep existing.