I know we are talking WP, not P1; relevant words by me were "but never indicated to be relevant on any other status attainment or retain" .
My point was, as there is no "number of SCs earned on Qantas flights" hurdle for WP attain/retain, then it cannot (or better, should not) be a hurdle for comping either. But as its an unpublished benefit, as you observe, who knows? Consistently inconsistent.
Ah, but I think it is clear from QF's most recent moves (as I suggested earlier) on making LB thresholds on QF/JQ flying SC's and the platinum bonus at 2400 SC also based ONLY on QF/JQ SC's that the intent is that they are saying (and it makes sense from their point of view) that "We want you earning on our metal" (ie: paying US money).
It's not explicit at this point but what IS explicit is the 1200 WP requal amount. The OP got 1125 - and is disappointed his request the be comp'd WP another year was denied, so we're in the territory of how QF decides if they should comp or not, NOT on published goals to retain WP (because if he had 1205 SC this wouldn't be an issue even if they were all on CX bar 4 QF SYD-OOL cheapies for example).
So I am suggesting that in very recent times QF on the one hand are making it very clear that to them loyalty (eg the aptly named Loyalty Bonus

) is earned on QF group SC's, not on oneworld ones. It then follows logically that in assessing such things as un-published things like deciding on a status comp/extension, that QF would give weight to QF group SC's.
Now the OP has not indicated how many of those 1125 SC's last membership year were on QF vs OW carriers but it seems reasonable to assume not a vast amount was QF earn based on a HKG (or other, overseas) location.
Again, it's hard to second guess QF's decisions without all the info, and even tthen it would just be sheer educated guesswork on our part because we're not within QFF as to why a comp was not given (it could vary from whoever looked at the request based on if their coffee was cough that morning or not) but I do feel it culd well be relevant when assessing such requests that the customer's value to QF (ie the discussed "PCV") would be lower the less SC's earned on QF group flights.
Now, if 1050 of 1125 were all QF group then I would be very surprised at QF's decision
but at the end of the day the cold fact is the published number was missed. That sucks, but things like comps are totally at QF's discretion - for whatever reasons.
It's disappointing, but they obviously have their reasons, or maybe they are deciding to tighten things up (with the changes to the loyalty / plat bonus SC requirements being a published hint). We just don't know. I'm sorry for the OP it seems harsh, but at the end of the day 1125 < 1200. To have an expectation of a comp (I am not saying the OP did - he was well within his rights to ask absolutely) is perhaps asking for trouble because this comes down to a subjective decision being made by someone at QF.