In fairness they have managed a few innovations - family pooling comes to mind (although given the volume of people in their lounges I do wonder if they regret it!). And Velocity was the first with "any seat" awards, which QF has copied (although awarding SCs on them is a carrot that Velocity hasn't yet copied). Also the direct linking of spend to points earn is a differentiating point, and a positive one in my my view - it allows those who regularly book savers at the last minute to get better points earn for their flight relative to the holidaymaker down the back who paid one third of the price.
But certainly agree that most changes this year have taken them closer to QF - the pending platinum lounges, the Club (although that's not related to the loyalty program), removing any time access.
However, their stated goal is to attract the same high yield pax that QF does - so there's probably a bit of a feedback loop there in terms of needing to offer somewhat similar benefits to get the business. Were there major differences between QFF and Global Rewards?