We don't have the data that WN has, but I wonder if the number of A-List and A+ members has declined since COVID (and the ending of the grandfathering of status post-COVID). In addition, I wonder if spend on WN credit cards is down, which would explain why they have increased the number of TQPs that can be earned.

Or, as others have said, they are going to devalue existing points and need something to offset it (i.e., they don't want to pull a Delta).