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Here's the article https://thepointsguy.com/2017/06/hyatt-sign-up-bonus-drops-june-29/ . If you want the two free nights, better grab this one before the 29th of June.
The replacement award of 40,000 points is not bad. With mid-range hotels at 12,000 - 15,000 it's close to getting three nights off the bonus.
True, not the aspirational anywhere nights, but not terrible either.
I used a targeted 50k points, $1k spend, 5k for AU offer in 2015. Not sure how common the offer is, but targeted offers do exist and might be worth waiting for.
Thanks for sharing. I actually think I might like the new reward better based on my personal preferences. I know some people were able to use the two free nights for some amazing stays, but additional mid-range value works for me.
I would personally rather have points.