I think I see signs Hertz is already feeling the consequences of diverted future business after the points devaluation. I noticed some markets show them to be the lowest price, and not necessarily by just a few dollars either, where they tend to be the most expensive by far. That's for both one-way and simple roundtrip use cases, as well.
It also seems that when competitors are sold out, Hertz is not, even when in the past they would have been the 2nd (after National) to do so. And even then, Hertz pricing is lower than it normally would have been. Interesting.
Hertz is probably gambling this is a temporary and small loss. As with everything so shortsighted they do, I doubt it will be.