It's like Kickstarter, for flights. Everybody pools a bunch of money, if they get enough money the flight happens, if they don't the flight gets canceled.
No risk from the airlines perspective, they don't have to fly an unprofitable flight.
Did you pay money for specific time of travel? Haha jokes on you
Did you have your flight canceled with a full refund at the last minute, and then needed to buy a flight of a much higher price to get to your destination on time? Sucks to be you
But you know this is fair, as long as customers are allowed to get full refunds for flights they don't fly. I didn't feel like flying today it wasn't convenient, since I wasn't on the airplane I get a full refund right? That's only fair