That's too nuanced. The policy is too new to have that effect. I think it's simply designed to prevent cardholders from cycling between Reserve and Preferred while collecting bonuses.
Yes, it's really a $150 card, it's a Sapphire Preferred Plus, but whether its worthwhile depends on the other cards you use. Sapphire Reserve offers nothing that isn't available elsewhere (usually at lower cost), but for some it will strike the right balance. If Chase wants this to be seen as a high end card they need to be adding benefits and offering generous retention bonuses now, and raising the cost next year, but perhaps they spent their entire marketing budget on the initial rollout.
For me, it's a no brainer. I don't care much about the Priority Pass (although I have used it a few times), but the extra point on dining easily makes up the $55 for me. Assuming a point is worth 1.5 cents, I only have to spend $3,700 on dining per year to break even. For me, the 6 hours versus 12 for the trip delay is also key. I often fly red eye. If my 9:00 p.m. flight is canceled, or because of a weather problem, I miss the connecting flight, usually the next flight they can get me on is the first one in the morning. At most airports, that's 6 a.m, which is within the Reserve's delay period but outside of the Preferreds.