Glad that someone mentioned currency inflation, as I was thinking about it too. The exact math may differs, but overall my impression is that despite the inflation in terms of number of points, reward bookings are actually getting "cheaper".

Compared to 10 years ago, points are much easier to acquire via credit cards and promotions. Most importantly, you no longer have to spend time to plan and sit on an airplane to earn points, and time is often the biggest premium. In this regard, point costs less now.

And frankly, points are becoming more valuable too. While we complain about dynamic pricing, let's not forget that back then it was almost impossible to find I class on YYZ-YVR. Unless you just wanted to enjoy the flights, it was extremely difficult to plan a "normal" vacation based on the limited availabilities of I class or even X class, and you were often stuck with multiple connections or undesirable flights. Points that cannot be redeemed have a value of zero, but now AP points are much more liquid.