Agreed, and I think UA will not hesitate to make adjustments to niche features, such as partner redemptions, even if they are reluctant to change the high profile charts for UA-operated flights.
Or if Star Alliance partners make it more difficult to use UA miles on their metal, like Lufthansa has done with its first class product. The ability to transfer to UA is, for me, a key feature. I'd likely move to another product if UA (or its partners) tinkered with anything.
Until then, I'll be enjoying Lufthansa/Thai business & first class
True, but there is certain to be internal competition at Chase between the Ultimate Rewards program manager and the managers responsible for each of the co-branded affinity cards. If UR is seen to be cannibalizing co-branded card accounts the managers of those cards will press for changes, perhaps to improve their products, but perhaps also to hobble UR.
I don't doubt that competition exists amongst product managers in Chase's credit card division, but
Gordon Smith has gone on the record stating that as long as spend is going on a Chase card at the expense of a competitor, cannibalization of other Chase credit cards is fine:
Presented as tailored to customer need, Gordon Smith CEO of Chase’s card division noted on an August 17th interview “If we cannibalize ourselves and move customers from one product to another, but we capture more of their business, then we’re absolutely fine with that.”