Well, if having a superawesome FF program with loads of international F redemption options and benefits for FFers makes you money, please explain why out of AA, DL, CO, US and UA, none of them make a consistent profit, and the US airline that does is WN?

As far as I can tell, all available evidence indicates that FF programs with generous benefits (in the sense of how FTers see them) are (at least) fairly irrelevant in terms of long-term success of your airline as a going concern. So you can't really say to VX "you're doing it wrong"- at least not on that basis. (The fact remains that VX isn't making a profit, either.)