Not sure I would agree. On a recent leisure family visit last weekend, we stayed in 2 different DT properties, total combined expense was less than $250. For both stays, as a Diamond, I received ~9800 points (plus another 10k for my fifth stay during the current promotion), and a total of 4 free breakfasts. At $0.004 per point, that is just over $39. (not including the 10k bonus), saved more than $60 on breakfasts - MUCH better than a ~$30. rebate.
Even without the current promotion (2k points per stay), which rewards shorter stays, Diamond status appears to make more sense; assume we stayed at the same property both nights, reducing the number of points earned to ~7800 - still worth slightly more than the 12% rebate, without considering the free breakfasts.
On the redemption side, award stays at properties with resort fees bring additional value, as they are waived.
Am I missing something?