I was expecting something like this would happen soon, so last year I did a Oneworld RTW J and have used up a fair few points.
Yes, it sucks, but on the points part I'm okay on that has we have had significant inflation since 2019. I think the carrier charges are the main gripe as some like the Emirates ones on long haul are just too much and its way too close to a cash fare.
Probably one reason why we didn't get any Status changes is unlike airlines like BA, who have most of their network with high amounts of competition and lower priced fares, Qantas does have a lot of relatively expensive routes and altering it to cash based might be more of a risk that people just cutting back expenditure, rather then spending more for the perks.
I'm hoping the BA changes turn out to either be no improvement or a failure as it should hopefully stop other airlines getting the idea.