What about people who have millions of points and will never spend more than they accumulate in points?
I have a guy who works with me who spends about 200 nights on the road, all at Marriott, and all using the Visa. He's platinum elite.
Just simple math says that he's spending about $40,000 a year on hotels. He's getting well over 600,000 points for both the elite bonus and the card.
He usually figures out how to spend most of them, but he's got over 2 million points. At some point, you just need to start taking the other stuff regardless of whether the value is there or not. It's either that or giving them away.
Conversely, I have about 800,000 points and would never buy anything in that book. I'd feel ripped off. I'm either going to Europe or Hawaii next year with my family of four and I'll still have a ton left over.