The criteria have been 1 million base points/$200k spend for at least the past 20 years. Achieving lifetime status used to be a multi-decade endeavor and also required a minimum of 10 years as a GP member (which was removed when WoH was rolled out). When many of us started down the path to lifetime, rates were frequently $100/night or less and status was 2000 nights (more than 5 years!) away. Now there's multiple reports here and elsewhere of earning LTG in a much shorter period of time due to pricing these days. It's long past time for that threshold to increase.
Depending on your travel patterns, you can still frequently be staying at rates of $100/night or less -- and tons of people aren't LTG yet but have lots of points accumulated during such times as well. No reason to devalue those efforts just because they didn't cross the finish line yet.
Most of my stays are in fact rather inexpensive because I often stay off peak at non-luxury hotels (and don't tell me that staying when hotels have empty rooms isn't valuable to the properties or the program!)
And there is no reason to adjust the threshhold. It's not like there are hoards of liftetime globalists competing for TSU space. If anything, the growth of Hyatt's footprint is probably far outpacing the growth of LTGs due to general inflation.