2.75¢ per point is VERY VERY reasonable if you look at it from this angle, and are able to use them in such situations.
3000 points is good for a NE Zone Coach Ticket. That's $82.50. Even with the service charge, it comes out to $97.50!
If I take a look at Monday Morning's Regionals from BOS to WAS, they're running $118! One of the Regional trains next Friday is running at $142. And as far as I can see, you can NEVER get a Niagara Falls to Newport News ticket for less than $147 regardless of how far in advance you get it, but you CAN cash in 3000 points for one.
A smart traveller who tends to take trips fully across a zone on short notice might buy points to have on bank for these occasions!
And 10,000 points for $275 (or $290 if you add the fee) is actually a good deal for those members with just over 25,000 points looking to do a full transcon. I'm a sliver shy of 20K now, and was looking at a transcon, but the prices of booking oneself and a travelling companion in roomette from the West Coast to the zone borders at Denver, ABQ, or El Paso were running $520, $480, and $300 respectively. And this is without doing the creative (and typically pricier) route along the CS.
Heck, a wannabe Florida or Atlanta t/f New York sleeper traveller could find a lot of value in 10000 points at $290. Considering the cost of rail fare and sleeper for ORL-NYP or ATL-NYP for two can run $557 to $696, paying $290 to take care of 2/3 of the trip to get you to 15K points is a pretty good deal!
Though I tend to look at booking well in advance to keep my prices low, I can see where even I might benefit from having a surge of points available for a future reward trip!