I think the rewards system is great but most players haven't found their sweet spot yet. The normal pattern is to push up as high as you possibly can on the last day of the season to get max chests. You push to a place that's higher than you can compete but that's fine because you get taken back down the next day.
If they did that this time (and we know they did because the rental market had its second best day ever and everyone wanted those new rewards cards), they are now in a place where they can't get enough FP for the chests they are competing for.
If you are a normal silver player who went to gold on the last day, you're now competing for gold chests which take more FP to open than you win in silver. And if they just push to gold now they can't win enough to open more chests. Either way they are kind of screwed right now. Unfortunately, I haven't seen many people who've quite figured this out yet.
Once players understand what league they should be in, that the chests they should be competing for should match the league they play in, and that season management is a lot simpler now and doesn't require tricks like it used to, I think this system will gain in popularity over the old one.