I have two Bonvoy cards (Amex and Chase), two IHG cards and the Hyatt Card. No problem at all getting value from the free night certificates. I book almost all my hotel rooms through hotels.com with the Venture card, but the free night certificates really work well in major cities, plenty of Residence Inns or Springhill Suites to use for the Marriotts. I have been saving up free nights on hotels.com to take advantage of the 10 points per dollar deal which is supposed to go away in January. I think I have 6 free nights but they are not really free nights, just the cash value of a 10% discount.
All the hotel cards are slowly being devalued but they still are a great deal for me.