It should be a business decision, not a policy decision. We already know that CO hands out comp Silver, Gold and even Plat to a wide variety of people for marketing purposes - if someone flew 74k on paid F tickets, or even 65k on paid F tickets, giving them Platinum seems like a good business decision, as it's likely to ensure continued loyalty.

Of course the beancounter might offer the opposing analysis - if they already paid F every time without Plat status, why should we give them the status since it's unlikely they will stop doing the same thing next year without the status. Perhaps the beancounter might speculate that giving the person Plat status would raise their upgrade probability and perhaps influence them to buy discounted coach fares instead of F. The underlying goal of a loyalty program is to influence customer purchasing behavior - giving this customer Plat is unlikely to influence or change their existing behavior which is already optimal. That's why beancounters make bad marketers and business strategists.

Now if someone flew 74k on L or S type fares, then the appropriate business decision is to either deny the request (bad cop) or incentivize the request by telling the customer to fly x times in a certain minimum fare class by y date, and their status would be renewed (good cop).