AMEX POINTS TO BONVOY IS OVERRATED?

Was looking to get either amex plat travel or regalia gold as my next card (have hdfc swiggy) and saw the hype where people said they could easily get 1:1 value for amex points on bonvoy so decided to check the bonvoy app. I was surprised to see most of the places where I would like to plan my next trip to (goa,bali,singapore,vietnam,dubai etc) had almost no value for booking through points. Most of the properties were offering 0.3-0.5 rupee per point at max. for eg some properties could be booked for 5k in cash or 13-15k points....like WHAT?

Is this the case or am I missing something. even if I take 0.5 value for amex point(which is still high in most of the case for which I was checking ) thats max 6% value back People might say that they give 4+1 on hotel bookings but idk if I'll be staying in the same hotel for 5 consecutive days, usually on vacations we stay at one place and move on our next destination.

Am I missing something?

because at this rate might as well just get any cashback card that gives 5% cashback and have the flexibility to book anywhere you want and not get locked into marriot and not to forget that amex doesn't have a annual fee waiver criteria. if we factor that in the value reduces even more.

open to thoughts from regular amex and marriot users.