The $ spend needed and cap makes it pointless imho.
Status should rightly remain for FFers only.
When in fact, it's the opposite! Airlines don't care if you fly.
P1 Member on high margin biz class fares, $50K spend where the margin is ~20%* = 10K profit (considering the massive overheads of servicing you, keeping planes in the air, insurances, taxes, regulations, etc...)
Bronze Member with 1M Amex MR points = $10K, almost all pure profit, sells member data to third parties for extra earnings, faster & easier transactional volumes.
The bronze member who may well be a credit card churner earning under $50k a year in total net income is more profitable than a 'high value' Platinum One.
Back on topic, Qantas ain't no fools. This would be a play where banks pay a premium to participate, which drives greater customer transactions through their cards. This is why the living lab trial is controlled with only a few banks. QFF is double-dipping!