Valor points are used to buy gear. They help you round out your gear and provide an RNG-free way to collect certain key pieces. They can be capped from raiding OR dungeons.
These "valor points" don't do any of that. They 'upgrade our items' (as if we needed this poor MoP feature back) instead of purchase new ones. They also can't be earned in raids (fail).
So while 6.2.3 is certainly a step in the right direction, the "valor" they've introduced is not what we asked for. It exists for exactly two, transparent reasons:
1. Nerf HFC so more people can clear it. Normal is already a joke, so this must be aimed at Heroic. Strange.
2. Get us back into dungeons.
Frankly, I do think dungeons need to be incentivized far more than they are currently. But Valor should let us buy gear, and it should also be earned while raiding Heroic+.