So I had the same initial reaction as you. However, just for curiosity I went to check on a hotel I had already booked for this summer. The rate through Chase is still a bit higher than the rate I booked directly (as seems to usually be the case). But they are offering 2cpp point redemption ("point boost", I agree the name is cringe). If I value my UR at 1.5cpp (which I did prior to all these changes), I wind up with a lower net cost if I cancel and book through Chase, plus it will help me burn through some UR points in case this all winds up being a net devaluation. It is at a Ritz (Bonvoy) and Chase site says I will get Bonvoy benefits on property. I am close to pulling the trigger unless there is an angle I am not considering.