Doubtful. FF programs are the only profitable business operation at many carriers.

Now you will certainly find miles depreciating in value as the redemption requirements go up and the inventory disappears as capacity shrinks. So in some sense the programs will be worthless for certain awards.

But the programs are here to stay.

As for bankrupt carriers, well, that's always been a risk. Sometimes things work out great (PanAm, TWA) where another carrier buys the program, and sometimes they don't (Braniff, Aloha).