Whilst not on the scale of SAA bailouts, our government has poured in about N$16.5 Billion (adjusted for inflation) into the airline since 2003. It was time to put it out of its misery. I'm sad to see it go, flew Air Namibia often and it was always a good feeling to see "our" aircraft in a foreign airport. The flight crew in my opinion was excellent, I might be biased though.
There are MANY airlines still servicing Namibia, so any concerns about being able to come here is seriously misplaced. Depending on where you fly from you've got a choice between Qatar, KLM, Lufthansa, SAA, Eurowings, BA and Ethiopian airlines.
Internally there are local companies that will fill the gap.
Why now? Well I believe SWAPO is under severe political pressure to get the country back on course, people have spoken during our last elections and SWAPO lost massive ground. They have a couple of years until the next presidential election to act, so hopefully more wasteful SOE's get cleaned up.