We assume all programs make changes to redemption amount based on cash rates but that wasn't always the case with Hyatt.
It was the smaller program that could outdo all programs for many years It was nicknamed the Little Program that could (anyone here old enough to remember lol
For those of us that remember Hyatt's most expensive redemption was 15,000 points for decades even at Park Hyatt Sydney.
After that period in my discussion with the Hyatt folks through the years there was a time when the most redeemed popular properties had the highest redemption rate.

At what point did Hyatt decide to be Marriott or Hilton with a much smaller footprint?
We have been fed a narrative that cash rates are reflective of what redemption rates will be or are.
However that isn't necessarily true either when a hotel for revenue costs less than half if paying cash.Granted their peak and valleys based on occupancy/seasonal etc
In my decades of observation there is some mighty fuzz math behind the pearly gates at the home office in Chicago and its only getting worse.

Not that this makes it right but Marriott was the Delta airlines of loyalty programs following their lead corrupting an entire industry in gutting their members value
All the rest seemed to follow and just like the airlines greedy monkey see monkey do behavior is the order of the day (sigh)
Hyatt once the most trusted amongst those in the know is clearly heading down a new path and the only thing I could add is it all seemed to stem from when you
could earn Hyatt points through credit card spending.That was the good and the bad of it................
One thing is certain "The Times they are a changin" and not likely for the better (double sigh)