Apparently that does not apply to persons traveling in first class. A couple of reports on here tell of first class passengers, including those who have many frequent flyer miles, getting bumped for those "more worthy" of the seat, likely some Hollywood celebrity or politician.
Ashley Webster of Fox Business tells how he and his wife were pulled off a flight on Christmas Eve. The plane had already left the gate and came back to board a family of three. His luggage went to the destination and they woke up in a hotel room on Christmas morning with just the clothes on their back.
Let’s see if such arrogance continues after this UA dust-up.