I think one point that your aren't considering is the element of discounted first class. Full F tickets have for quite some time been of questionable value. It doesn't take a lot of extra effort to go over the flight schedules of multiple carriers and consider purchasing a discounted first class ticket, which often is attractively priced (didn't used to be decades ago). Makes for different decisional factors in purchasing a fare in the front cabin

It mystifies me why folks purchase full fare F. Many flyers "chase" status, by multiple mechanisms and perspectives. Buying up to first class (hopefully discounted) is but one of them, if there is status level one is tempted to achieve. And then there are the "mileage runs" so infamously quoted in FT threads. Finally, there is the goal (of status) itself. It can mean different things to different flyers. As time has gone on, simply achieving status can be fleeting, especially when the carrier moves the goalposts from one year to the next and one wakes up looking at a new picture, such as when carriers (like UA and DL have done) in requirements for higher status levels. So I think many can afford F tickets, which may have separate relevance from ticketing decisions, especially due to temporary personal situations. One can purchase F tickets, and may or may not be chasing status at the same time. They are different things that can be separate in one's intent. Not something that is "moot".

Sum up: I think there are many like myself who can afford discounted F-class tickets, but do not consider the outlay of expense for an unrestricted F ticket to be worth the value. I think chasing status is a separate endeavor, with multiple ways to factor in how to channel one's financial resources into getting max FF points/miles for one's personal goals selecting flights. With promos and other things in the mix, and changing frequently, we occasionally (some even often) find ourselves routing a trip that has price and other factors in the equation.