Depends on the implementation. I have no loyalty to any particular airline and someone referencing a third party database containing my address/ZIP/employment history could reasonably deduce that I have disposable income - I could see myself either getting gouged as a result or getting a lower price in an attempt to secure a loyal customer.

An interesting side-effect I just thought of could be that business commuters' flight prices may increase, and business travelers may even prefer that. I have a consultant friend that is allowed to use personal cards for work-related expenses so he would enjoy the increased cash-back and miles. What a world of perverse incentives