I completely agree with your reasoning. Hotels.com doesn't make sense when booking hotel chains.

When I book via hotels.com, I get a rate that's usually 10 percent higher than when booking an HHonors discount rate, IHG Your Rate, Accor member's rate etc.

This is enough to make hotels.com worse than the chain's program: I'd prefer paying 10 percent less today over getting 10 percent back via a rewards night sometime in the future.

I don't buy the cashback argument, either. Sure, I can get CB for hotels.com. But I can get cashback from accorhotels.com, ihg.com, hilton.com, too (sometimes as high as 15 percent). Of course, there are a few exceptions. Personally, I've had trouble getting CB for Best Western bookings.

Plus going for the chain directly gives me access to the points offers, bonus point promos as well as elite status benefits.