No, it's not a "crock" that CX doesn't hand out free upgrades for no reason
To the two AA ExPlats I overheard on a recent intra-Asia flight in Y: No, it is not a "crock" that CX offers free upgrades to elites only if a flight is oversold. Even if half the J seats on our flight were empty. What those empty seats mean is that you could have bought a J ticket if you wanted to. Presumably they were available for sale. CX has now taught you that if you want J, you should pay for it. Sounds like a smart business strategy to me.
This post is pretty much apropos of nothing, except to note that even as a Y flyer myself I'm grateful CX has never created the monster some U.S.-based programs have with habitual free upgrades. Yeah, I'll aim for a low BN in case they're doing op-ups. But for the most part we CX flyers live free of the stress you see in the FT boards for United, Delta, and - to a lesser extent - AA about free upgrades. I know when I get to the airport that I'll probably fly the class I paid for. So I get to enjoy the lounge without worrying about whether a GA or computer will cheat me out of a freebie.