I am not sure I see a problem with this. The points are being minted at 0.6cpp. All external redemption options are a value of 0.5cpp or less so PC hotel stays are the only redemption option that possibly has the traveller coming out ahead. Even then there are only limited circumstances where ICHG loses on the transaction, select Pointbreaks and some regular reward nights at 95%+ occupancy.

Having said this I have not yet used the printing press, I just now discovered how it works and it is cheaper for me to pay the regular rate in my travels.