It doesn't actually matter whether you can get points or not. It's just that points are a form of promotion hence they are banned under a blanket ban on promotions.
You can see that points don't make any difference because the formula companies aren't doing promotions with points on the 6m+ milk, which you can claim points on. If it made a difference, they'd be doing it with that. It doesn't make a difference to sales hence it's NOT ABOUT POINTS.
Making an exception for reward points is complicated and also there isn't a pressing need for it. So points, while perfectly benign, remain banned.
TheCatsMeow - for example - giant beaker of milk advert claiming that cow's milk has no iron so this special 1 year + formula is better. No, it didn't explicitly say that breastmilk is rubbishly low in iron, but it played into that idea that breastmilk has fewer nutritional benefits.
There was the Cow and Gate advert which said "Do I look ill? Do I look less intelligent?" etc (paraphrasing, it didn't say exactly that) - playing on the idea that formula is "just as good" as breastmilk - yes it's a perfectly fine alternative, but when you look at the hard data, breastfeeding does have benefits. Again, it didn't say "Formula has all of the same benefits as breastfeeding" outright. It didn't need to. That's not how advertising works.
SMA ad showing a Dad doing the night feeds of a very young baby - something you can't do when BF. Later changed to an older baby after they got fined.
Just some examples. I'm not in the UK any more so they'll be a few years out of date, I haven't seen any recent ones.