I agree. US carriers have destroyed the First class brand to the degree that it is worthless. If I pay to fly in F on BA or CX, I don't want to have a cabin full of employees and shoe salesmen (apologies in advance to shoe salesmen everywhere). If you fill the cabin with these folks, I will go away...and at fares of $10,000+ a seat, the loss would be substantial.

Premium airlines know that there is a market out there made up of people who will still pay for the privilege of a premium product. Hotels, such as Aman resorts, have similarly run at 30-40% occupancy at $700+ per night rather than risk losing their elite clientele by filling beds at lower rates. US carriers have been extremely short sighted in this regard, and it is a long and arduous (perhaps impossible)road back.