As someone who pretty much only stays in random Category 1-2 Hyatt properties with the occasional Category 3-4 sprinkled in, most of which are in low or shoulder travel seasons, these changes make it hard to stay with Hyatt.

Even ignoring the 2CPP and looking at 1.25-1.5CPP, Hyatt properties were often a great value for using Chase UR and I would often modify my trips a bit to redeem at a Hyatt property especially if it was a Category 1 as there's pretty much nowhere in the US I can easy get a 2.5*+ property for $62.50 per night including tax (Category 1 5,000 points per night equivalent), especially one which has two beds and a sofa bed.

The downside with this strategy is that there are very few properties like this remaining in the US in places that I regularly travel and many are former Amerisuites properties in desperate need of a renovation or have rooms with two full/double beds instead of two queens. Breakfast at Hyatt properties, when it's even free at a HP/HH anymore, has also gone downhill a lot and more and more properties are charging for parking. Lower category redemptions are also quite rare in the western US, especially outside of the biggest cities.

It's worth noting that I constantly compare the cash rates of many different brands and will often book via third party or corporate rate as I'm not staying enough nights at chains where having status really amounts to much. Hyatt is rarely as good of a deal for cash rates in these scenarios, especially with the former Amerisuites properties. There's not much value proposition in paying 10-40% more to stay at a Hyatt when I can find a great Marriott/Hilton/IHG/Best Western (and occasionally Choice and Wyndham) property that's even closer to where I want to be and is offering all the same benefits.

I've mentioned it before, but it is possible to run a successful, albeit fairly small, chain with 2.5-3.5 star properties where there is essentially no elite status and third party bookings can have a good enough price advantage to forgo point earning. My preferred chain has moved from Hyatt to Drury because I am essentially treated like a high tier elite on all of my stays (free breakfast, free drinks, and free manager's reception every night) and customer service is a lot better because each location is corporate owned. Prices are typically the same or lower than the nearby Hyatt Place as well. The downside is that the chain essentially has the footprint of category 1-2 Hyatt properties in the US, albeit with more urban locations, and has no plans to ever open locations in CA/NY/WA/MA, among other states.