Since I retired from my traveling job, I almost exclusively target hotel points from credit card spend. I don't need air miles. My estimate of free rooms I could get with the HH program based upon my CC spend looked to be better than any other program.

Up until the recent devaluation, I have used the Hilton Surpass card for all expenses (home and small business) and accrue plenty of points at 3+ points/$ spent. I get Diamond status, breakfast and wifi and guaranteed lounge access. This I see as a good deal.

But with the recent inflation, Hilton has lost the advantage and I have in the past couple of weeks signed up for SPG cards and recently switched my spend to SPG. I will likely retain the Surpass card and spend the $40K to maintain Diamond, but I will try to bank points on SPG and see how I like it. The downside to SPG is:
a) No way to get highest status on cc spend alone
b) Fewer benefits at lower status
c) Fewer locations worldwide
d) The benefit of 5th night free is moot for me since I rarely stay more than 3 nights in one place

Everyone's criteria for deciding is different, but this is mine. I will maintain HH status through credit card spend and start using up my points over the next year and see how I like SPG.