I think it's unquestionable that 1k has lost its prestige. UA employees would bend over backward for 1k's in the not so distant past and now it's just another MP level. Is that a shame? Maybe a bit of a disappointment after you've gotten used to that level of service, but with the swelling of the 1k ranks, introduction of UGS, staff cutbacks (1 GA handling hundreds of passengers?), and rule enforcement by UA it's no surprise.

But as others have pointed out, as long as you accept the status for its stated benefits - upgrades, waitlist priority, etc. - and not it's unstated ones - that you be treated like the most important people in the room - it's still worth it.