I can see this one becoming yet another long winded circular thread, of which I will write many rambling posts no doubt
First of all Ruth, welcome to AFF (You only have a small number of posts, so I'l extend a belated welcome!) and again, sorry for the loss of your father.
I think just about all of us, specially with high status and long time loyalty (I myself am soon to click over 30k LTSC so similar to you) agree there needs to be "more" for the long time loyal flyer.
And you're absolutely write in that QF only care about the current yield they can extract from us as passengers, and "loyalty" being measured on our spend (ie status) through the most recent period of time.
Unfortunately this is how just about all "loyalty" (I use in quotes on purpose) programs work - hotels, cars, airlines etc.. If you go elsewhere they don't care and your benefits, and points expire within a period such as a year to 18 months). Heavens my football club does the same with it's memberships!! If I do not rejoin each season well they do not care. I know people who have been members for 40+ years but since they may have missed a year in the 90's or even recently, their "counter" is reset.
On the one hand, as I see it, it makes a LOT of common business sense.. and on the other it makes no sense.
As Business can not keep going on "past glories" I mean if I spent $1 million 10 years ago, is that relevant to the bottom line this year, or the next? Not if I don't continue to spend! I've bought coffee most mornings at the same place for the past 15 or so years but if I stop going for a year and come back should they just give me free coffeess? Unlikely
Having said that, there needs to be incentive to keep us coming back. In the case of QF it's LTG.. and unlike my coffee analogy, the status incentive only works for me if I fly on QF (or appropriate partner but QF hopes them) again so I spend current money and get a few perks thrown in. yadda yadda yadda. So I'm not entirely getting something for nothing, but at least on a cheapy Y fare I could expect lounge access, priority bags etc.
As you say though, if I can afford a Premium Cabin ticket on another airline like SQ, EY, etc then I would get all of that stuff anyway.. so the lifetime status only really has benefit once one is not able to access those higher cabin fares for whatever reasons.
Not everyone who attains the higher levels of lifetime status can keep doing that, specially in retiirement. Sure, some can and then they can pick and choose based on route, best are, product etc. Next month I am flying NZ to the US due to a cheap J fare (half the price of QF) and plus it adds to my 2019 Star Alliance status (I too mix and match to not be wedded to the one option).
So, I agree, if you're in a position to put $$$ into premium cares then there's no reason to stick to QF unless they offer a good price or route that works for you, and if or when they do, then the LTG can kick in and at least help but again with a J or higher fare you get all of that anyway though the status may help if, for example, going for an upgrade from J to F on the few routes that offer it, or may be given slight preference during IRROPS.
So why no LTP, or anything for LTSC totals above 14,000?
Personally I think it is due to the fact that VA has nothing similar in Velocity (IIRC) and thus there's really no incentive for QF to do more. And, I am sure that QF feel that for their AU based membership who do a lot of domestic travel, chances are highly likely that they would continue to fly QF with Gold (and if they took their business to VA, it's likely not important to QF on an individual basis).
I bet if VA introduced lifetime recognition (and something akin to P1) then QF would be forced to respond and up the ante. Until then, there's no really obvious reason for them to do o. They are banking on, in large part, people being "rusted on" as you say and the lack of options to strive for in the *local* space.
Now many here on AFF are well aware of alternatives, such as BA GGL, and other programs that offer (for now) better perks. However they may not suit everyone (For example I have very little europe/LHR flying so BA woul dmake very little sense for me to fly, and getting minumum sectors would be a PITA, and thus the BA specific perks would be wasted a bit).. while there are many others on the forum for which this option works great. Others put loyalty into LA, or SQ, or AA, or whoever (I am also inching towards million miler LTG status with UA for example).
For more offerings by QFF like LTP the numbers need to work for them, and they need a strong business case for it.
I bet there are a whole bunch of people who have well over 25k LTSC and if QFF "flipped the swtich" and enabled LTP overnight, they would probably have thousands of instant platinums (though a certain % of these would already have this status anyway no doubt, but you get my drift). This is probably a cost QF don't see benefit in, specially if they all go off and fly CX and spend heaps of times in the CX F lounges costing QF real dosh.
The kinds of things *I* would like to see happen, or rather what I think might be more realistic than a LTP (which I WOULD love!) is a system of incentives that both rewards long term flyers but keeps them coming back majority to QF (not because I love QF per se, but thinking from their point of view). Much like P1 attainment must include 2700 QF/JQ SC's maybe a discounted earn rate for WP for LTG members, what about 1000 SC/year to earn/retain? How about for each X LTSC earned a bonus points are paid out? O even at X year anniversaries (20 years, 25 etc). These would not be hard to impliment.
In other threads we've oft discussed ways P1 could be made better, well similar can apply to lifetime loyalty recognition. eg: 20k LTSC to get some confirmed upgrade certificates, or an automatic status upgrade to Platinum, or a choice)...
there are many ways these things could be done that I reckon could make sense for QF to retain revenue and loyalty btut also to reward the people who have been there for years.
The reality is that none of this is ever likely to happen and if anything the benefits will be eroded more (as with all programs) so... seeking alternatives, BFOD and spreading the love around alliances is the better option in this climate.