I understand that Hyatt's portfolio has changed dramatically with a greater percentage of properties in the select service category. With that in mind, I can see how FFN, as the promotion has been implemented in the past, may not be economically feasible for GP. However, I don't see why they can't have FFN with category limits on the free nights (like up to Category 4, like the Hyatt card anniversary free nights)-- it would certainly be similar to what Marriott does with their twice a year Megabonus promos.
I'm not sure Faster Free Nights was ever an economically feasible promotion to run and the ROI couldn't always be measured/quantified 100% effectively
Partners occasionally stepped in to help offset the cost of running the promotion.
What I would say is FFN had folks signing up in the program and got members excited about Gold Passport and encouraged engagement
Even from some of those deeply entrenched in other hotel loyalty programs
It motivated members and non members to have to stay or lose out
At the end of the day it motivated members to have a brand experience at a Hyatt hotel at all regardless of where their loyalties may have lied
It was a game changer promotion or the super bowl of all promotions and
Hyatt won "Freddie Awards" for years as a result.
Looking back historically some of you may remember there was a really nice lady by the name of Nan Moss who ran Gold Passport many years ago.
There was no Faster Free Nights in those days however Gold Passport was still exciting with promotions like "Night after Night".
It didn't take Faster Free Nights to stir the pot
And there was the long standing tradition of the now deeply missed by many G Bonuses. Probably the only thing Prioirty Club does the best of all programs these days getting folks into their hotels.Superior numerous point bonuses
G Bonus offered reasons for some to not stay in competing hotel brands and use other programs frequently because it meant earning more comprehensively in ones program of choice making reaching an award more feasible.
Here is an excerpt from 1999 history out of the archives just for fun

"
Night After Night" Nights could only be redeemed on weekends
"Guests may also combine their Great Deal savings with an opportunity to
earn up to 6,000 airline bonus miles or up to 3 free weekend nights by
participating in Hyatt's Nights After Nights promotion. Any guest may
participate in the promotion by joining Gold Passport, Hyatt's frequent guest
programme, and staying two or more eligible nights at any Hyatt worldwide
between November 15, 1999 and February 29, 2000"
The promotion allowed members to earn bonus points or airline miles with large amounts of points miles or up to 3 free nights capping the payout for free nights depending on the year.
But it was more exciting than the offers now. More importantly they stimulated engagement and kept the program fresh and interesting by offering more choices that mattered to individual members.
In a day or era of customer choice and the preference of member customization and optimization I see us somewhat back tracking then moving forward.