It has always struck me that M&M don't really want LO and vice versa.
From a user perspective, if your profile is ex PL, then you can't order anything from the World Shop (if you actually find anything good value), you can't exchange award miles to top up your status miles, you don't have any M&M CC options since mBank cancelled their one and then there was the Diners Club debacle. So you're in this scenario where you get FTL or SEN and it amounts to some bag tags and lounge access.