I have no issue with the EQM rules. CO has plenty of elites and will continue to have plenty of elites. The people they really care about, the ones paying higher fare classes, will end up getting upgraded more often than people who have a corporate travel agency that books in the lowest fare classes.

look at it this way, you buy a $200 ticket. you can do it two ways:
co.com:
Fare: 160
Taxes 40
CO net = 160.

travel agency:
Fare 160
Taxes 40
Distribution cost (GDS) 10
CO net: 150

that's almost 7% more revenue for CO if you book on CO.com.