What you are describing is the behaviour of high utilisation customers. Most high utilisation customers (Points Hacker-types) behave in this manner because they can profitably engage with a loyalty program. Most loyalty programs, including QFF, run at a profit. Therefore, by definition, such customers are actually amongst the lowest value customers of the program.
The vast majority of loyalty customers, including genuine high value customers, don't behave as you've described.
(FWIW, there is some structural movement right now in the relative appeal of alternate points ecosystems, but not for the reasons you are asserting. Much more along Maslow's hierarchy of needs, with cost of living pressures seeing certain demographics shifting more towards higher utilisation of 'cash back' or 'cash off on grocery spend')
