Yeah, it's as simple as that. When their product that is 25% more expensive than competitors and less useful (accepted at less retailers), they deserve to get knocked off their pedestal. No one cares about the Amex brand. They are a commodity provider in the payment market.
Thing is they don't have to. Visa and co often have lower transaction fees for places like grocery stores exactly for that reason. Amex can adopt the same behavior.
