It's fine.

My points are always 0~10.

I've been at 300 for a while.

The only things I enter are bundles and Nexuiz.

(also wishlist games)

yesterday my points were buggy i had 320 points for about 5 mins before it switched back to 300

Actually by making a cap people only really enter the games they really want. You only have 300 points, why use them on games you don't want. That is my thought at least.

If I have a lot of points I tend to invest them in games I would have second thoughts about if I have only few points...
...but I wouldn't enter a game which I will never play so the current way is OK for me and I think makes more sense than without cap - otherwise you have thousands of points and are even more likely to join games you wouldn't play.

Eh... I used to think that way, but now I'm pretty lazy so I just let the points be. First few months I found out about SteamGifts, I entered every game I thought I "might" play. Now I only enter games I will play 100% for sure.

I can't get rid of 300 points.

This is a joke, but maybe conversion system: every xx points you can exchange for contribution points. Eg. 10 points for 1 contributor points.

Come on people, stop suggesting on how to improve the point system! It's quite fine as it is... 300 is not too many and not too little. People will always find a way to win something they don't really want.

Discussed to death. No.