“Bailouts don’t work...”
The remnants of GM would have been acquired by some other automobile Manufacturing conglomerate and they would have continued the GM brand. It happens all the time. Look how many companies Ford had acquired over the years over time, I think they were producing Jaguar, Volvo, Saab... It’s common practice for businesses to fail and other businesses to band together or perhaps even monopolies to band together and not bail them out, but buy them out. That’s what happens.
When the government tries to intervene what happens is they disrupt the laissez-faire values that really started capitalism in this country, without government restrictions.
Government function in a country of business is to ensure that Commerce can flow in and out of the ports and harbors and down the waterways on impeded so that business May flourish.