If the whole system crapped out and the car dropped to the ground would that be the compressor? Or something else most likely?

Not so much what it did as what it does now. Kinda odd the whole car dropped unless there are major leaks. The front works first, then when at heigh the rear. So for all to vent is not possible.

What does it do now? "Check Air Ride" message right away? After some seconds? Did you have any problems before?