> Is there a more favorable explanation for the value of a gift card as a gesture?
I don't get what you're expecting in terms of an answer here.
A gift card is a gift. A gift is a gesture of kindness and thoughtfulness. Something doing something thoughtful and kind and thinking about you makes you feel good.
Turning cash into a gift card is not a thoughtful gesture. Gift cards are popular because they're easy, which is the opposite of thoughtful. I would be offended if my employer ever gave me a gift card instead of a cash bonus.
I don't get what you're expecting in terms of an answer here.
A gift card is a gift. A gift is a gesture of kindness and thoughtfulness. Something doing something thoughtful and kind and thinking about you makes you feel good.