It’s been like this forever. The currency has been nicknamed “SkyPesos” for as long as I can remember.

WN and DL points have the closest connection between spend, points, and redemption value of the four major airlines. Miles have a floor of 1 CPM and can generally be redeemed around 1.15-1.3 CPM. There aren’t really amazing deals flying ex-USA since partner awards are unified with the general awards chart.

People on this forum generally don’t comment on the devaluation since the SkyPeso has been pretty stable for maybe 10 years or so.