That was the phone rep told me. He said check again tomorrow afternoon if the points still not show up, call SPG as tomorrow would pass the standard 5 business days. He did see the online request was sitting in the system without any note or anything. Basically it sounds to me is, nobody has even looked at it yet. He did tell me it was the back office manually handles it, i.e. by a human not by the system.

Even between SPG and Marriott transfer by the system, it is no longer instant. 2 weeks ago when we were in Sicily and experienced a flight cancellation due to Italian air controllers strikes, I was scrambling to find flight back to Italy mainland and in need of an overnight stay at a location where there is a Moxy. Transferred 4K SPG to Marriott but it did not arrive until the NEXT DAY. This was the first time I experienced the transfer took so long.

UPDATE
Points transferred when checked at 2:30pm on the 6th Business Day.