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Basically they give you perks and discounts that you can also get elsewhere like entry-level hotel status (which you can get from a hotel credit card), and software discounts (which you can get if you have a free business bank account from Mercury).
Founders Card does have free airline status for Cathay and Virgin Flying Club, which you could parlay into a status match for a US airline.
But for $700 sign up fee, it would probably be better to just get an AMEX Platinum, at least you’d get lounge access and earn miles.