There's a lot of your argument that ignores that any contract (except for those which are plainly illegal, such as a contract to kill someone) between two adult parties is binding on both parties, no matter what happens.
When the owner made the reservation, and kept the reservation open for the member, he sold something of value. The value of those points could be reduced to zero if the points are expiring soon, or be reduced greatly if the points are expiring in 2020 (because there are few rooms available between September and January).
The renter has paid money for a reservation. That money was paid to a broker. The broker collects $4.50 per point for his commission and pays the owner $10.15 per point immediately. The broker then holds $3.35 per point until the day of check-in, when it is then released to the owner.
The key problem here is that the contracts do not have a Force Majeure clause, which would state what would happen in the event the contract becomes impossible to fulfill due to the actions of a third party.
One could claim that the renter should get their money back in full. The broker would say, "But I spent time and money to make this match up, so I should be paid!". The owner would say, "I rented those points when they had value, and now they have none, so I should be paid!". Because the broker is holding the $3.35 per point, and has already collected his $4.50 per point commission, and has a "no refund" contract with the renter, he believes he is in the driver's seat.
But, ultimately, the broker is the one responsible. It is a tenet of law that the person who drafts the contract is ultimately responsible for its content, even if it works against him because of his own incompetence in drafting it. By failing to have a Force Majeure event, even though it was completely foreseeable that one would be needed (Hurricanes and 9/11 shut down Disney in the past), David's has exposed themselves to liability on both sides: refunds for the renters, and full compensation for the owners. They rented reservations which, through no fault of the renter or owner could not be fulfilled. I'm sure David's knows this, so they are scrambling to re-book as many clients as they can, and trying to keep as much cash in the bank to cover the coming charge backs from people who cannot be accommodated with a re-book.
I see major changes coming to every broker's contract due to this event, and changes as to how these brokers operate.