Gives the account user choice of what "vet reward" they're getting.
Less complaints about "Veteran Exclusive" items. If you want to give other small bonuses for being a vet that's fine, but stay away from items that would end up in the C-Store eventually.
Less worry about "What to make C-Store items", "What to make Vet Rewards": Example: Give Lifetime subscribers some C-Store Points when other players get Captain's table access.
People might be less inclined to shell out money for C-Store items, but you might mollify people who think the C-Store is abomination.
People might complain that "Vet Rewards" aren't "exclusive" enough. The problem is there's no market for exclusitivity for it's own sake. Plus this is all digital data and flags in a database so the "costs" of an item are established when it's created you effectively have an infinite supply.
People might not spend the C-Points on STO.. Considering that you're putting together a stable of games under the Atari/Cryptic label this might work in your favor. The addition of C-Points might convince someone to try Champions Online with some new costume pieces.
The upshot of this is if this is a horrendously bad idea you get to see the reaction in this thread rathaer than when you spring this idea as an official Dev post.