You could look at it that way but in my eyes, why would I waste my time trying to earn some devalued currency that is constantly fluctuating? I like a "goal" say I want to stay for a week in Scottsdale at the Hyatt Regency Gainey Ranch during the Waste Management Open. Well a quick glance shows me cash rates are hovering around $750/ night for a standard room. So my 7 night stay is going to cost $5,250 PLUS a resort fee PLUS parking so we'll just say $6,000. However I can quickly glance at an award chart and see that it's a cat 5 property where I can use 25,000 Hyatt points/ night. Boom I have a goal of what I need (175,000 points) and can plan accordingly. It's next to impossible to do this with fluctuating currencies unless I'm willing to book at the exact moment I checked the award cost. A week or month later it could be drastically different and therefore adding to my frustration trying to redeem my points.

And YES I know Hyatt is going to eventually have peak pricing as well but at least there will still be an award chart to reference.