Especially with the shift towards leisure travel post-COVID, I'd guess most hotel chains are increasingly viewing loyalty programs as a way to sling credit cards. You can see that with Marriott's recent changes to their credit card lineup.

Historically, business travelers were very important to hotels because they kept occupancy rates high during otherwise slow times (weekdays, off-peak seasons). Even with business travel returning, it's shorter, less frequent trips. I'd expect loyalty program's focus to continue shifting away from road warriors and towards the 10-25 nights a year leisure segment.