Every loyalty programs has their issues...but I feel like their promos are pretty solid. I usually make all of my stays there when they run it depending on what IHG is doing.
You're right that you don't have a ton of options for 8k...but I've been regularly getting ~$500 worth of value for 30k points. I travel a ton for work so I'm able to accumulate a lot of points. They do have a free credit card with a 32k point signup bonus too.