I'm not sure why you say this. From your trip reports, you tend to stay at similar hotels to me, i.e. not the WA Maldives, and at the moment I am still finding good uses for my points around the 20k to 30k level. These are hotels I would be happy to pay around £75-£100 per night, but often they charge £150-£200. So it tends to work out at over 0.5p per point of "value" and around 0.3-0.4p per point of true value, not especially great but I consider that I acquire points for 0.25p so it's still profitable.
I'm not getting £1000 nights for 95k points, but I wouldn't even pay £300 for them, so it doesn't matter to me if they become 200k points.
But a devaluation of 20k hotels to 30k is certainly possible, which would make the value proposition start to become marginal for me.
If there is a devaluation coming, I am willing to bet it is going to be on the top end of the scale. You rarely get outsized value from you typical Hampton Inn, and in my recent experience, cash prices for these hotels haven't changed much. Cash prices for resorts and hotels in highly desirable locations seems through the roof though, and this is where you can sometimes use HH for outsized value. JMO.