Certainly not a great redemption in this case but hard to make a sweeping statement based on a single case. Since Marriott uses categories there can be instances where the points value is really high because the prevailing rate for that given time period is high or could be cases like this where the points value is low because the prevailing rate is relatively low.
FWIW, TPG slots Marriott points as being worth ~0.9 cents up from pre-merger days of ~0.7 cents (largely due to the legacy SPG ---> airline transfer program moving over without much change to the new Marriott program) so it's hard to point at the new program and say that the points redemption value has been devalued because it hasn't been significantly, if anything it has gone up slightly because of the points transfer option and the addition of numerous new hotels to redeem points at (and of course some winners and losers among hotel categories for 2019 and beyond with short term arbitrage opportunities).
By comparison, Hilton usually comes in around 0.5 cents/point though their promotions often make it easier to obtain Hilton points but their dynamic categories linking room cost to redemption cost means it is hard to get beyond that 0.5 cents value unless you are booking the aspirational hotels where you hit the maxed out category value but have a cash value that by comparison is significantly higher (e.g., Conrad Bora Bora) or are able to snag a base level maxed out redemption during a special event (e.g., Super Bowl, NYE, etc.) where the cash price is sky high