We can get better, because we're not dead yet
I wonder how long ryanair can get away with claims of a tenner to cross the atlantic. If you look closely at the breakdown on VS fares, after fuel surcharges and taxes, you might find they can claim about 40-50 quid for a return fare, with luggage in the hold... I think the ASA would sh*t bricks if Virgin did this...
And with Norwegian and Jet2 doing translatics already, the fake cost carrier is there already (and neither offered a lot better fare than the typical VS sale fare, with luggage in the hold).
I do wonder how many people genuinely think they'd do a transatlantic with hand luggage only. Sure, if you're popping over to Dublin or Prague for the weekend, but New York?