There is less and less benefit to being elite.

Monetization of the front cabin is targeted at 70%, and once they get there I doubt they'll stop pushing. Upgrades will increasingly go only to upper tier elites (who will still find their upgrade percentages drastically reduced) and those who fly on slow days (Tue/Wed).

Economy Comfort sales are being pushed just as heavily. Booking 1-2 weeks out you're much less likely to find such a seat available, especially one that isn't a middle seat.

Free bags can be obtained by having a credit card.

Same Day Confirmed can be had for a fee on the occasions you need it.

If you're a PM or a DM, you get Choice Benefits, which are useful. But otherwise you're pretty much left with quicker access to agents on the phone as the only thing you can't get other ways.