The translator CP is actually licensed to WNC Public Radio, so it in fact would offer a great deal of locally originated programming.
Argue that the rules are too stringent if you want, but the bottom line is that they are breaking the law. And, even if they wanted to apply for a license, they couldn't, because they are documented pirates, and therefore ineligible to be licensees.
There's plenty of locally-originated programming in Asheville. Just because Free Radio Asheville doesn't like what they hear doesn't give them the right to steal bandwidth just so they can hear their brand of radio on the air.
It's expensive to buy a radio station anywhere. That's just reality, and the result of supply and demand. I still contend that you do not hear the Free Radio format on the air legally simply because it sucks to most folks, and therefore could never be financially successful.
Free Radio Asheville is the radio business's equivalent of the Yugo. No one will back it financially simply because it will never pay off as an investment. This has nothing to do with government regulation, but instead is a result of good business sense.
And since private investors would never touch Free Radio, some will argue that the government should give them bandwidth and pay for their operation, all in the name of "freedom of speech". However, I certainly don't want my hard-earned tax dollars paying for their crap, and I'm quite sure most of the folks who participate in this forum would agree.