If you are using Points to book for someone else that's a no-brainer - you won't very often receive any additional benefits in my experience and even if you do you're not asking for them so it can hardly be called cheating.

If it's a paid stay I don't see what the problem is as again you're not asking for anything and if your friends happen to receive a benefit on the back of your status that's for you and your conscience alone in my opinion.