If Velocity were going downmarket, I'd expect to be seeing things like...
- Adding LCC's as airline partners.
- Removing, or making it harder to redeem flights on, full-service airline partners such as Singapore, United and Qatar.
- Excluding things like checked baggage and entertainment on redemption bookings (except for an extra fee).
To be fair VA does have a one way interline agreement with SQ's LCC Scoot which has VA interline bookings on their website e.g those originating in SE Asia can book VA connections on TR's website.
VFF has made it harder for those that rarely fly VA metal to redeem international bookings and gain a decent amount of points/SCs. Whilst that's somewhat understandable in their aims have customers to spend $$ into VA marketed/operated services in VA/Bain's aim to be "primary domestic carrier" that provides long haul international partner services, that would tick off those FFs that only use VA partners (and rarely fly VA metal) to get points/SCs.