It's worth starting with the pain points in traditional rewards systems which typically boil down to 2 main categories: lack of value and lack of flexibility.

And so:

-Bitcoin the asset preserves reward purchasing power over time instead of eroding it like w/ traditional points and miles (and the rate at which that purchasing power erodes can be crazy - I talked about this in a recent podcast with Natalie Brunell: https://www.youtube.com/watch?v=tYJ4QBvTXzo)

-Bitcoin the network can connect what were previously siloed units of loyalty value that don't / can't talk to each other and give users more optionality in exchanging value. Similar to how people like Jack Mallers talk about the merits of Lightning as this interoperable, open network for intermediating fiat currencies, we see a similar possibility for different units of loyalty value

This is the hypothesis at least! Still in progress of testing said hypothesis :)