Same for me. I noticed it yesterday evening and thought it was a glitch!
Although not as valuable in monetary terms, I find myself just taking stuff from the minibar because I have credit, not because I want to. Club lounge is usually available for drinks anyway. £4 for a can of coke or £10 for a small bottle beer is bad value anyway!
$500 to spend anywhere during the year seems like a reasonable alternative. And to get round the EQP issue, perhaps dinners/drinks at any of the HI, CPs, other brands is a good use; where the spend on a stay isn't counted for RA qualification anyway.