There were three or four different merc companies all operating separately at one stage. That's alot of missed opportunity for them to all band together into a single group and make something awesome together. The Red Roads didn't really strike me as anything special, just another merc company like the many others that pop up every few weeks.
Look at the Zhentarim or Fire Knives. A distinct image, code and style. We rarely see that from alot of merc companies lately.