Key Point Analysis (KPA) aims to identify a concise set of key points that summarize a collection of arguments together with their prevalence. We argue that KPA is fundamentally a structured prediction problem that requires recovering semantic groupings, generating representative key points, ensuring coverage, and estimating prevalence. Under this formulation, we show that existing KPA benchmarks suffer from limitations in grouping quality, redundancy, coverage, and argument-key point mappings, causing ceiling violation and selection failure in reference-based evaluation. To support future research on true KPA, we introduce a structure-aware, distribution-sensitive benchmark built via a human-in-the-loop re-annotation. Human and LLM evaluations consistently show that the resulting structures yield more coherent groupings, higher-quality key points, better coverage, and more reliable prevalence estimates than existing annotations. We further release several annotation resources to support research on KPA evaluation, argument-key point matching, explainable KPA, and LLM-as-a-judge methodologies, and outline a research agenda for true KPA.

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