Great explanation!
I have received the offer too, and I am confused. Just like you, I don't have any inclination toward Marriott bonvoy or any hotels for that matter. However, I do intend to use points for miles because I do travel a lot. For example, I have to travel to Portugal quite often (2/3 times a year), and usually, I round trip costs me around 65 to 70k (economy). As per my calculation, 125k points should be able to fund my round trip to Portugal, so my fees should be recovered. Am I missing something? I will most likely close this next year.
I do have Axis Reserve, by the way.