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When FF programs started they were wonderful. It was as easy to find a free (truly free, no charge of any kind) seat. Redemption was convoluted, but often included free hotel nights and free rental cars with the flight tickets.
Over the years they began to reduce flights eligible for free or upgrade tickets, and some routes had no tickets at all. Then they began to route free travel through cities with less traffic.
Next was the mileage expiration date. On paper they had huge liabilities for free transportation, but by using a short shelf life for miles, and no seats easily available, many miles evaporated.
Less competition simply means that FF programs will wither to the point they have no value to the passenger.
Anyone remember "trading stamps?" When was the last time you got Blue Chip Stamps with gas or groceries? FF miles are heading in the same direction.