As with all these changes, there are winners and losers.
Losers = points whales. Almost all points whales get there through huge CC spend. Banks have decided they're costing them too much money. Airlines must be squeezing the banks with higher charges for points.
Partial winners = regular customers aiming for aspirational redemptions. Fewer points whales soaking up all the redemptions means more J/F award seats for everyone else. Even if regular customers have to work a little harder for the points given reduced sign up bonuses, they're still coming out ahead as premium cabin award availability has been the biggest bottle neck in the system since COVID.
Biggest winners = Americans. Sign up bonuses keep going up and up in the US, and there's been no transfer partner devaluations. While that might change, the credit card landscape is a lot more competitive there so hard to move away from 1:1 — the default standard there. Expect to see even more Americans riding for free up the front of a plane near you sometime soon 
Definitely an interesting shift in the landscape.
