That's just for the SPS earned per battle. The chests are all going to be lower. Also, that 10x is just a way to make it not look so bad. If the multiplier was 10x before and now it's 4x I'm getting 40% of the rewards I used to get.
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Agreed. Equating the current equivalent of full rewards to 10x is somewhat confusing/misleading. I'm noticing a lot of people getting tripped up by that. Lots of... "Oh cool... well even with 0 SPS staked, I'll still be at 1x so I'm not being penalized" going around and that's just not the case.
Also glad you brought up chests because I think a lot of people are focusing solely on SPS rewards when RP also affects the number of chests earned as well.