Unless you're a sorcerer, in which case your points are slots. And vice-versa. And also you can use them for augments that the wizard doesn't get access to.
(The problem with the psion is that the sorcerer has the psion mechanics but not the flavor. Convert their spell slots of 5th level or less into spell points, remove components, use the word "power" everywhere a sorc uses "spell", make their "spell slots" higher than 5th level a "x times per day" power slots, and add some specific psionic spells/powers to their "spell" list that nobody else gets and you pretty much have something that could reasonably be called a 5e psion within the 5e mechanical bounds that the devs have set up.).