I'm not sure I've got the best view of load factors, and load factors don't always translate into yield and profit.
I used the service intermittently in the last 5 years, and using it more now that CO are in Star (Star Upgrade Awards are a very very good thing), and because I have more business in the States.
However, if the Biz cabin isn't filling, that is a problem, more or less regardless of the number of bums in seats down the back. And from the times I've looked, there's been a lot of C9 D9 J9 Z9 in the inventory, which means no more than 7 people in business. (Today was 6 of us, and I was on an upgrade from an admittedly deliberately expensive economy fare).