The Points operator in the Transform toolbar for drawings will add a point object at every coordinate location defining the shape of objects in the target box.

When applied to lines, note how a point is created at each of the coordinate locations where the line changes direction.
This command is often used to "convert" areas or lines into sets of points in the shape of those objects.
Tech Tip
Many transforms automatically run a Normalize Topology transform before running to eliminate common errors that may affect correct operation. The Boundaries , Points and Node Points transform operators do not normalize target objects before running. This makes it possible, for example, to segmentize lines with a length threshold of 10 meters, and then use the Points transform to place point objects at the locations of resulting inflection points.
See Also
Transform - Intersection Points to add points to locations where lines intersect.
Transform - Node Points to add points to systems of lines so that the resulting drawing or map can be used as a true network.