If I flew for work, I could understand the appeal of a chain hotel (and loyalty) - especially if you are unfortunate enough to spend a 100+ nights domestically within the US in a hotel.

I stay in hotels about 50-80 nights a year on vacation. I cant imagine being "loyal" to a chain, and base our travels based on where there is a Hyatt or worse, a crappy Sheraton.
In addition, outside of the US and Canada, chains are extremely overpriced compared to local options (as mentioned in the OP), which in most cases, are better than the chains anyway. You can (by simply paying for it) get a nicer room, and all the "elite" perks of a chain, for a lower price at an independent 4*/5* hotel.

I do occasionally make use of my Marriott/Carlson status, especially within the US, but only because those statuses are free.