I have a hard time accepting that much of it is zero cost spoiling inventory. If they didn’t have this means of disposing of it they would probably market it at low price points that would get some people to bite. Also whether you condone it or not, there is a whole industry geared toward brokering miles and they heavily market to paying travelers, often using points to buy premium tickets that would have sold for many multiples what the airline sold the miles for. I would be surprised if we aren’t talking about a total value into the billions. Not all of it would have found its way into the airlines bank account as cash paying pax but a good chunk of it would likely have.