Maybe the plan is to offer a card with great benefits. Get you and me and the group here to get it. Tell our friends, who are less savvy. OK to lose a little money initially.
Then, next year, cut the benefits a little. Lose less money. Let the savvy crowd cancel the card and move on.
Next year: cut the benefits some more. Hold onto the inertial crowd, still collecting that fat annual fee. Start turning a profit.
Long game (not that banks are typically known for it).
Now I'm thinking I'm in the inertial crowd on my Amex Plat.