I've seen data from airlines that have 95% of elites not being able to retain status on merit. While I doubt QF is that high, it gives you an idea of the challenges airlines globally are facing.
How other airlines have addressed this problem is by running a status match. Replace the 'elites of 2019' with 'elites of 2022 - who are active and flying with competing airlines'.
If you were in charge of VA you'd probably be doing whatever your sugar daddy shareholders tell you.... sadly
That is one thing I miss about the VA of 2010++ era.... they were at least willing to be bold, try new things and do whatever they could NOT to be another Qantas.
Do a quick LinkedIn search for all the folks in decent roles at VA. All ex-QF.