"Devaluation" is the headline, but that's not necessarily the truth. Dynamic pricing is essentially designed to charge more points when the room rate increases. And if hotels are charging $500 per night, then award costs are going to be 100,000+. You don't call it a "devaluation" (of the dollar essentially) if a hotel charges $600 instead of $500, you call it inflation or price-gouging or whatever.

What would actually be a "devaluation" would be if Hilton tweaked the algorithm so that Honors points are worth 0.38 cents instead of 0.42 cents (or whatever the actual numbers are). But thanks to dynamic pricing, that's almost impossible to know. But the only thing that is noticed is the top-end caps being increased.