Modern gift giving to the nth degree

More and more I see friends and family members either giving or asking for gift cards for Christmas. On the one hand, this is great, because they can buy exactly what they want, and if they like shopping (many of the women in my immediate family don't seem to mind), they get to enjoy that, too.

However, it does seem a bit strange to me when two people exchange gift cards.

"Here, I got you $50 to REI".
"Oh, thank you! That's so great. And here's your Christmas present, a $50 gift certificate to Macy's!"
"Awesome!"

Ok... so why don't we just spend our own money on ourselves on behalf of each other? For example:

"Hey! I spent $50 (that I saved myself) to buy a new fleece at REI for myself on your behalf! Thanks and Merry Christmas!"
"Oh, that's great. I spent $50 to buy a new coat at Macy's for myself on YOUR behalf! Merry Christmas to you, too. "

Not quite the way it worked with the Wise Men, I suppose, but seems like the logical conclusion to this trend.

Of course, half the fun of gift giving is *giving* the gift, and figuring out what to give the person is what makes it both fun and meaningful. So while I don't mind getting gift cards, I much prefer to give a tangible present.