It was always a bad concept and never made sense. None of the big carriers would give up seat capacity. They matched them on every route. Even with their own bankruptcy problems, all three major airlines had more financial resources than tiny Independence.
They had no choice. If they didn't agree to it, a bankruptcy judge would impose it. It's in management's best interest - and the pilots - to have everyone agree to the cuts so they don't have morale problems.
You watch. The first thing these airlines will do when they get on the other side of bankruptcy will be to announce exciting new growth opportunities. We'll be off to the races again and headed for another restructuring.