Looked into it further, better off applying for the Thank You card separately and get the new acct bonus. But then, the program rewards, I agree, is not that interesting... mentions of Amazon gift card on forums but looks like it's not available anymore when I check the redemption site.
Yes no amazon gift cards but you can link your card with amazon and use points that way. It isn't 1TY:$1 though. Right now they have a $15 off $50 promo if you use 1 TY point at amazon so that is something for select accounts. But otherwise you aren't going to get more than the 2% cash back. It will only be useful to those saving up for something (eg a flight) with TY points from other cards who need a top up.
They have BestBuy gift cards and about 30 others.
But yes as an everyday spend card it is decent with 2% cash back especially if you don't want to mess with bonuses.