American Airlines’ own data shows that following devaluations of the AAdvantage program elite members moved flying away from the program. AAdvantage itself generated more revenue, because its credit card deals became more lucrative. That earn-burn program grew, while the most engaged members stepped back.
That may even be the right business decision! Flying has frequently been unprofitable for American while net revenue has been driven by selling miles to banks. Maybe they should reward flying less if they’re not making money on it.