There are still some relative differences in value, because all of the points rates seem to be in 4000 points increments. So hotels which are similarly priced but not priced exactly the same may be the same on points redemption.

And I see other variations: At Bryce Canyon City, UT, for Oct 20, Ruby's Inn is only 20k a night while Bryce Canyon Grand Hotel is 32k a night. But the cash rates are much closer: $143.96 versus $188.96 (both pre-tax).

14396 / 20k = 0.7198, while 18896 / 32k = 0.5905. So both seem a bit better than 0.5, but the Ruby's Inn seems "more better" than 0.5.

But it's not like that everywhere. In the Grand Canyon, AZ area, both the high priced nearby BW Premier and the more reasonably priced hour-away BW Plus are almost exactly 0.5, even as rates vary between days of the week.

And these are just one-moment-in-time snapshots. So, for example, if they update cash prices constantly, but points prices less often, maybe that accounts for some it, I don't know. I have no idea why the Bryce Canyon hotels in this search came up better than 0.5 when Grand Canyon hotels didn't.