Why do Velocity business reward seats from Sydney to Los Angeles cost so many points?

Looking for business reward seats to LAX from Sydney (or anywhere in Aus) in March 2023. Any available ones are over a mil velocity points. Is the new norm number of points for virgin/united business?

The one that costs less and for a fixed amount of points is called a Velocity Reward Seat. These come in limited supply. This is the one where most point hackers strive for.

The Any Seat is one that depends on the cash fare of the ticket at that time. Say if it is the last seat on that flight and costs $3000. It might costs $3000 divided by 0.7 cents per points (cpp) = 428k Velocity points. (Note: I have just assumed a cpp for Velocity points.) There will always be an Any Seat available as long as the flight is not sold out. This type of seats is one Point Hackers will generally steer away from because it yield very low value for the points used.

Will explain it better.