Would you be surprised to learn that IHG points are, on average, worth more at lower-end hotels?
Less surprising is that PointsBreak properties represent the best value the IHG program has to offer, assuming you get lucky and there is one available where and when you're going. Even there, however, the average cash rate per night is also typically rather low. And that often makes it harder to convince yourself to redeem points rather than just paying cash.
Realizing >1cpp is mighty hard to do in general and the frequency with which is it possible seems to decrease as points/night required increases, at least from the ~70k data points I analyzed.
Bigger image and full breakdown of the numbers in my blog post:
IHG Rewards Club Point Value by Hotel Category