For years I've worked alone in a relatively quiet region on the bubble, supporting a few NPC factions with one main chosen faction that takes priority. Mostly I just play with the BGS, figuring it out as I go along but occasionally my work crosses paths with other players & player groups which I enjoy, it's probably the main reason I still play in Open (I'm not really interested in PvP but I prefer the existential threat of never being sure to being king of the hill in Solo).
I have agreements with some of the local factions & generally we all respect each others' boundaries & time, only one group has created any real problems for me, and dealing with them is a real grindy ball-ache atm.
Rather than forming a squadron traditionally I persuade & cajole passing strangers to play with me for a while, I'll happily share a wing mission or answer any questions about how the game works, or just give them a safety net to encourage them to try something new. The benefit I get out of it is as a BGS force multiplier for me, if they are with me I can carefully guide their actions in a way that's beneficial to us both. I try to explain this to the ones that stick around, and occasionally I have teamed up with these players for a while. One of these recently formed a squadron that I joined (it was just the two of us) mostly to learn how the squadron mechanism works & if it offered benefits over simply winging up with someone on your friend list. We use the squadron chat when we're not winged up and I've added a few squadron bookmarks (ie shared bookmarks). A couple of others have since joined the squadron but generally we are still rarely in the same instance or teamed up, we just share some common goals & I act as a bit of a mentor & strategic adviser to the very small team.
I like the four letter squadron titles though, it makes IFFing passers by much easier for non-power play aligned players.