Thing is that it would never be on FM, that's just the way analogue radio is. Their only option would be to replace Talk Sport on MW, but that's got an established proven audience.
It's only digital that has allowed these stations to exist. Odd though that there are so many national stations these days the launch of another isn't the big deal it once was. The days of Classic FM building a new transmitter network and transmitting birdsong all day to much excitement are long gone
When it started it had quite a few quirky or original programmes, albeit some sounding very cheap - as well as Iain Lee there was Jon Holmes in the afternoons and Jake Yapp at weekends both doing a lot of comedy skits and fun items, and there was a discussion show about comedy in Saturday evenings.
All gradually axed for bland newstalk format.
The morning presenter I've only heard of because his 'fans' (or possibly bots) seem to comment on every thread in twitter that mentions LBC saying how good his show is and how big his audience has got (it isn't and they haven't)