Interesting analysis, thanks for sharing! I always thought Marriott earning was quite good, but I see that that may not be the case. I think about it like this:

With Hyatt, if I were to put $8,000 hotel spend on the credit card, I'd get 32,000 Hyatt points, enough for a night at a Park Hyatt, which could be worth about $1,000.

With Marriott, if I were to put $8,000 hotel spend on the credit card, I'd get 48,000 Marriott points, not even enough for many of the more upscale Marriott resorts, or for most full-service hotels in NYC. That being said, the SPG card only gave 2x points for hotel stays, so $8,000 of hotel spend (16,000 Starpoints) still wouldn't get me close to a top-tier redemption that costs 30,000 points. Seems like the (old) SPG card and new Marriott cards are relatively aligned, even if it remains lower than competitors.