You may have a few points, but...
- We can't tell how many are JQ or even AA, BA, etc. anymore as it ALWAYS comes up 0 pax on the ALTEA system.
- JQ pax are getting on QF flights by booking it as part of their international travel.
- The demographics are different between QF and JQ! The typical QF FF is very well trained. QF is a PREMIUM (but rapidly declining) product. JQ are good for people who are travelling for the first time flyers, money savy, etc.