<font face="Verdana, Arial, Helvetica, sans-serif" size="2">My point is either way the result to AC is the same: you didn't have the money to buy the tickets. AC did not lose revenue to points.</font>
That's AC/AP's entire problem -- they have this absurd view that if they deny someone an award seat, then that person will pay cash to buy the same seat. They even have a backup plan in case that person doesn't actualy fork out the cash -- they'll sell the seat to someone else.
Much like upgrades -- if we make them harder to get, people will instead buy a business class ticket.
I guess it just gives them a warm and fuzzy feeling, much like that described in an old Monty Python song.