Make no mistake, a Gol partnership is a second best. Remember that when Delta announced its deal with LATAM American’s response was to claim a LATAM joint venture wouldn’t have been that valuable to them anyway because it wouldn’t be permitted to include Chile. What mattered when making excuses for losing LATAM was Chile. Was matters when promoting a deal with Gol is Brazil. The narrative changes with the opportunity.
However it’s certainly better than giving up connecting feed in Brazil entirely. And if they could put together a secondary deal, and grow their own presence in the region, they could fight back effectively after losing LATAM. They just need to get control of the narrative quickly.