Why would you do that when those 45k points are redeemable for $675 in travel? Or for 45k RR points which redeem at about the same value? Or for 45k UA miles or Hyatt points?
I know some people who have millions of miles/points and are on the edge financially or just do not want to travel more.
One is a young consultant with kids at home. He travels every week, so the last thing he wants to do on his vacation is fly to Europe or somewhere.
For people like that, I can understand it; cashing in for a penny tax-free today, rather than hoarding for 10 years from now makes a lot of sense.