Psi points used to be based on Will and/or character level (possibly even Intelligence, not sure), but were reworked into this new, standardized system. It makes sense, because many psi spells remain strong and useful from levels 2-30 and if their costs remained the same while psi points continued to climb, at high levels psi users wouldn't need to carefully manage their Premeditation, Thermodynamicity combos, feat cooldowns, medicine cooldowns, etc.
After a certain point, a psi user will be out of psi, all medicines on cooldown, and just barely fizzling out a little bit of bullshit each turn. I'm enjoying psi because deciding which spells to cast and in what order, and when to pop consumables is like a little puzzle with multiple solutions during each challenging combat.