Yes, I have also observed this. It is quite annoying when there is a mismatch between the Bonvoy points and the expenses we actually incur. It appears they have been giving less favorable exchange rates recently. I also experienced something like this when the points I received for overseas stays were much lower than expected. It has been a problem that comes back many times, and now it seems like it is becoming more serious. I wish they will take care of it quickly.