FWIW, the trades shows/conferences around loyalty that I've attended in the past 18 months have all talked about it. None of them know what they're doing with it or why, but they're all talking about it.
As for what to use it for or why, the idea is a decentralized ledger, not that the points vary in value or such. But it is also an incredibly inefficient way to run a system that, by its very nature, is centralized. Putting the account balance ledger onto a blockchain doesn't deliver any value to the consumer nor the company.