I have no idea what PVM points are currently used for, but they should indeed have a use. However, exchanging them for items you want breaks one of the mechanics that makes this game fun; the unpredictability. Whenever you can say, I'll do X, Y-times, then by Z-days I'll have the item, you remove unexpected surprises from the game. The chase is better than the catch; exchanging for items with 100% certainty seems cool—I would use it—but it comes close to Pay 2 Win and ultimately ruins the game.
Being able to exchange PVM points for BOKs (or jewels) however, that could work.