I like the tags. As noted, they keep the bag in the FC overhead. Lounge access abroad with the cards and yes, even a bit of DYKWIA.
Now, I keep my Red White and Blue Lifetime Plat on my bag, which of course also lists how many millions of miles I have flown.
Nothing wrong with identifying yourself as a loyal customer. Add in being polite and they can go a long way in improving a flight regardless of where you are seated.
By the way, I have had non One World rebookings honor my status in regards to seating.