Interesting... some googling suggests that "ultra premium" credit cards like the CSR (and other Visa Infinite products) can command 2.1% to 2.4% as an interchange fee. Which suggests that if all of your spending was in the 3X categories and you redeem points at 1.5 cpp towards flights (hotels have more elasticity in the OTA price, and we have to assume that elasticity is passed on to Chase by Expedia), you are costing Chase (at least) 2.1% to 2.4% per swipe.
Chase
gives some stats, and the average annual sales volume (spending put on the card) for CSR customers is $39,000. $13,000/year in 3X spend and $26,000/year in 1X spend is the break even on swipe fees, which I bet the mean customer is actually spending less than that on travel and dining, but I don't know.
If the 1.5 cpp travel redemption option goes away (or they can get Expedia to mark up the prices enough to cover a bit), that seems to me to open a lot more options for increased earning.
Honestly I'm shocked that the annual spend on CSR users is as high as Chase reports. $39,000/yr is a lot of spend. That suggests that most people are putting all of their spend on the card and it likely does work out in Chase's favor.