QF are itching to fly int as much as we all want to be on their aircraft.. not to mention all the other airlines serving Oz.
I do understand the OP's point that they possibly could do OK in the short term with JV's, codeshares etc - putting all the risk on the other carrier.. eg AA. but of course it's likely AA, UA etc are mostly flying these flights for the belly revenue and not pax (specially with the current limt on inbound pax per aircraft).
when this situation can/does ease QF will be totally out there to NZ, Asia etc. Yes most of the ULH aircraft are parked (ie most 787 and all the 380's) but QF still has the 330's on site ready to go - and they are paying money on those let's not forget and only a very few cycles currently.
And as noted above - the pent up demand is insane.. when the govt says "you can Go" you know there will be waves of folks.. not just to DPS or other obvious leisure destinations but wherever is open and will take us more or less (and this will be a revolving situation for quite some time given the UK have just gone into more lockdown, Israel too and so on)
I do not think QF can be "virtual" in the medium term.. so many reasons why not
but it all depends on borders - state/federal - and overseas destinations(of which we have no control)
The very first step is changing the border controls - both inbound limits and outbound blocks on general travel - and we know that is still quite a way off. I suspect Dutton will up the inbound limits under pressure fairly soon, but outbound.. that's a whole other issue.
Just have to wait and see what happens with things like how other countries go with the pandemic and their policies, a vaccine availability (and importantly take up) and the like.
imo