I used to bother - more for checked bags than hand luggage. Now I don't. Doesn't seem to have made any difference at all. I never really liked having them but thought it might make some difference - for example not getting queried for First Wing access. In reality, my experience without has been almost exactly the same as with. So I have to conclude it's a mostly a perceived 'status' thing.

Especially - sorry - those people wandering around with Bronze tags...that gets you basically nothing, so there cannot be any point in using them in terms of staff interaction etc. At best, you're advertising that you don't actually fly all that much.