I get emails weekly begging me to buy this pointless status (pointless as I never stay at ICs; they're always well over our corporate travel limit).

IHG needs to clarify that this status is only applicable at InterContinental properties. I don't think they do a very good job of that at all and it smells like a money grab. But if you can afford to stay at ICs, then maybe you don't care about the fee.