Pay-with-Points assigns an arbitrary fixed value of $0.01/point. A 50% rebate is only a 50% discount if you accept that $0.01/point is a fair value, but points are worth more than that if transferred to a frequent flyer program. All of the card issuers play this game because it's easy to think that a point = penny, but points are worth what they can buy, not what the issuer assigns.
A lot of people (myself included) don’t want to play the game of waiting for award availability and booking far in advance. They also want flexibility in which flights they hook (ie being with friends and family). The cpp for J/F flights people post here are often massively inflated imo. I’d take a fixed two cents per MR airfare redemption over any airline transfer partner.