Half free range, half helicopter
In short, free range parenting promotes independence and less parent involvement. The idea is that children will find their own limits and problem-solve for themselves without a parent helping 24/7. What's not to like about that?
The biggest lure to free range parenting for me is the fact that your kids gain so many experiences. My son is naked more than he's clothed and that makes him confident and comfortable in his skin. He feels the wind, hears birds, eats dirt. And you know what that leads to? Respect. He sees ants and says "aw". He picks raspberries and eats them or puts them in a bowl to make a snack instead of crushing them. When he runs too fast down a hill and falls, he cries and runs to me. I comfort him while he cries, and he tries it again until he succeeds.
My helicopter instincts do come into play as well. At mealtimes, I like to do a 75/25 rule. I provide all the food but will put 3 out of 4 items that I know he likes and eats and put 1 item he's either never head or usually doesn't eat. This is to push his comfort zone and get him to eat new things. I don't ask what he wants except for snacks. I pretty much control what he eats and drinks and that makes me lean a little helicopter-ish.
Eventually these little humans will go to school and get a job so I do have structured activities and play. My expectations are that the children listen to me, obviously when it comes to safety, but also follow direction for simple tasks like getting dressed, brushing teeth, meal times, doing projects, playing games etc. Again, I think it goes with trust and respect. They know I trust them and in turn, they trust me right back.