The Connect changes don't feel like much of a nerf.

The Connect went from being a $95 card that earned 4x uncapped on gas and travel where points were always worth 1c each for all cash out methods to a no annual fee card that still earns 4x uncapped on travel and 4x on gas capped at $1k/quarter and as long as you cash out to a US Bank deposit account the points are still worth 1c each. The deposit account is annoying, but checking accounts fees are waived if you hold a US Bank credit card.

Dropping the annual fee in exchange for picking up a cap on gas spending and needing to hold a free checking account actually feels like a win to me.