If the wiki is accurate, it happened in May 2025, though even there they gave ~30 days notice of the promo starting June 1.

Obviously it's impossible to know why they haven't yet announced. But as a data point, I will say that, holding dates consistent, I've seen quite steady and consequential YoY increases at the 3 hotels I frequent in NYC. Obviously NYC isn't everywhere, and it would seem to fly in the face of everything we read about tourism bookings falling. This, plus some eyewatering redemption rate increases at aspirational properties (e.g., WA Cabo from 120k to 190k a night), lead me to think that the issue may be too many points chasing too few rooms. Maybe the chickens are coming home to roost?