No doubt about it, but the goal is to have plenty of space on board. There are routes where there's a lot of golds and don't forget that some passengers would still book the cabin bag at an extra fee so golds wouldn't be the only ones taking overhead space. Ideally it shouldn't be necessary to put any bags under the seat.

LCCs also control how many on board bags they sell, which is ideal, but obviously more problematic if status holders get it for free.