Suggesting that AC (or any business entity) would target just one customer base is overly simplistic. Each of its product offerings (think fare categories) targets a different type of buyer.

Paid J seats? Absolutely, and the vast majority of bums in those seats do, in fact, pay full pop to get there. J seats exist as revenue generators, not as free rewards for FF's. Offering to upgrade top tier fliers if and when they can't fully sell out the J cabin is nice, but AC will obviously prefer to sell the seats at full price. And most of the time, they do.

Frequent fliers? You bet - hence the little perks like pre-boarding so we can find a spot for our bag, or seating us in the front of the cabin so we can get out faster, giving us lounge access and extra checked baggage allowances, or throwing us the occasional upgrade. Those are all nice thank-yous that should be appreciated, not expected.

People who spend lots without actually flying a lot? Sure - wouldn't you target these folks?

VBITS ? That's a no-brainer. Don't they represent the majority of bodies in any given airport?

Who is Air Canada's most profitable customer? Is it an FF who always buys the cheapest T or T* fare they can get, always uses the lounge and always demands an upgrade, or is it a vacation traveler who pays the going rate, pays the baggage surcharge, has no clue the lounge even exists and is delighted to get a cup of coffee en route?