Unfortunately, it takes forever to get to opening chests (buying fusion slots/upgrading craft-trade slots etc. delay you), and by the time you do, you don't need most of the recipes. That is true.
However, there a few counterpoints I would like to make in regards to the chest odds:
They are attempting to make each bp cost 4-5k (? why not) gems. So removing all the "bad" loot is fine, and guaranteeing a bp in a chest is doable.... HOWEVER this means they will then have to balance everything (too late?) again, because if each chest was a guarantee bp, then each chest should now cost 4-5k gems to open. But also the key rates would have to drop from 1% to 0.1%, and basically remove keys from the game (assuming they wanted to keep the same rarity on bps... which I sort of disagree with, wood->gold should be easy, magic+ should stay the same imo)
It took me a few months to start opening wood, and by then, my heroes already out leveled them. + When I did start unlocking bps, that's when I really felt the game started to pick up on strategy. Finally, abilities and planning gear for my teams, not just "match the item level to the hero". I felt like the game doubled in content after unlocking everything up to gold.
ALSO, artifacts in the final tiers of chests "ARE GOOD" simply because the rubies/argonites are not questable (the shards/horns used to not be). This was essentially the only way to obtain them, or buy them at super high prices, and if you couldn't get them from a chest... well... look at those gold key prices, nobody can trade/buy them without gems or 6+ months of waiting.
I am not defending the way chests are designed, I hate them as well, and I totally agree they should be altered in some way, maybe give fragments instead of artifacts (but they would need to make fragments desirable, which they currently aren't)... I don't know, but I don't see everyone in full support of any of the proposed changes I've seen on this system sadly...