Not surprising at all since the DVC points are not "sold out."However, having said that, I was just there last week, and I was surprised at how many NON-DVC pool wristbands I saw - probably about 60-70% of people by my estimation - considering how many villas there are compared to hotel rooms, which I think suggests that there are tons of rentals going on.
The 2024 budget is based upon 330 DVC vacation homes. So they've got at least 151 undeclared DVC units at this point, plus 351 hotel rooms. That means cash guests are staying in over 60% of the 832 villas + hotel rooms.