Problem with smaller channel asking larger channel for a collab, it seems more like they are doing it just to gain subscribers themselves. If 2 channels are doing a collaboration they should both watch and enjoy each others content.
At the first part you're right and the second you're not. Only watching each other is not collab. You really have to do something with each other like making video's together or giving eachother shout outs. Or even both of them.