I expect there are many people who fly often, but do not have status on every airline that they fly.
For sure - and in my case I just don't check bags often enough on a single other airline. If you didn't have to pick a single airline I'd be less annoyed.
All of that said, I'm sure they're losing money on me: I basically only use the card for flights, and I put a lot of work travel on it last year. Given the value of the points and my maximizing other benefits, I can't see them recovering my cost that from their discount rate.