IIRC we did discuss up thread whether some of the thresholds for various rewards might get some sort of uplift but I think I sugegsted at that time that the new system hadn't been running long enough to provide any real meaningful data for IHG to act. But now they have at least one full year (if not 18 months or more) of data.
But 40 nights is still a lot of nights for someone to stay to get the reward in the first place and then of course they need to stay at hotels with a lounge to be able to use it.
Though I do agree this wlll soon turn into a one year from date of selection validity period.
I can see the issue some owners / manages have with what they see as abuse but unless they have an attendent there during the day it's difficult to stop people taking excessive amounts away or allowing extra people in.
And to use the lounge pass you need to have booked direct anyway so they are making more money from the room rate than someone booking via an OTA for a cheaper rate.