Even if it was any good, customers are notorious for walking away from a proposition they don't understand. It's just too complicated.
Look what happened after "Simpler and Fairer" - no-one has a clue how it works. The impact has taken a while to unfold as QFF elites slowly ran down their status. And one year later, status gone, these former high-volume customers altogether stop booking QF. And the poor airline has to issue a profit warning,