First, you have to think about whether $22,500 is actually a meaningful yardstick for calculating the value received. I think it is not, and that the only meaningful metric is the cost of the ticket that you would have purchased if the award inventory had not been available. That ticket might have been in another cabin or an another airline.
However, if you had purchased a $22,500 ticket with a USA-issued personal Platinum card you would have earned 112,500 MR points -plus- miles from an airline program for the flight. You gave up all that by paying with miles. By my reckoning you redeemed not 150,000, but somewhere around 300,000 points, which reduces the value by half.
I don’t agree with much of this logic although I know many people believe this.
First, with regards to the value of the points vs the cost of the flight, the cost is the cost. Now you can easily make the argument that if flight you used points for was more expensive than an equivalent cash fare on another carrier then the points really got you the value of the alternative cash fare, but the retail price of a flight is the measuring stick of what your points got you, regardless of whether or not you would have paid cash.
Second, the opportunity cost of paying cash vs redeeming points is another argument I don’t like. It’s like saying if someone is nice enough to treat you to a $100 dinner it really cost you $4 in cash back from your Uber Visa or 400 MR from your Gold Card. Free is free (or at least what you “paid” for earning the points in lieu of getting cashback).