(1) AS might not need to move out of its now-larger niche; and
(2) AS is a much healthier carrier with a much better reputation than US ever had.

AS can still make a good go of it, even not being all things to all people. Their key hubs are more recession resistant and more recovery resilient than just about any other airline's hubs. They also have the cash cow known as Alaska, the state. They have limited exposure in most of their new markets - they don't work, they pull out, with really no capital expense wasted. Furthermore, they still have a mileage-based program.

I don't quite get how AS is the mirror image of US ca. 1995. HP acquired US, and then faux US acquired AA, with HP management running the show. So, HP, a thrice-bankrupt airline, is now one of the world's major carriers, with AA lipstick.