Most decent travel hackers or churners will get very little value out of P25K.

P25K comes with YQ waiver, on AC metal flights, within Canada and the US - not a big benefit for most of those types. Baggage fee waiver... for people who probably pride themselves on (almost) never checking bags? *S status, lounge passes, 20 eUps that are very hard to use, etc. These are not the things that are typically valued by the people you're talking about. To the extent they value airline status, most of these people probably already have A3/TK*G, or UA*S through Bonvoy, or something like that.