Exactly, at first, the problem used to be that it was possible to reach higher leagues and higher rewards with lower collections. I remember playing champion with Level 3 Summoners way back. This was before SPS was released and all cards were tradable. Different Leagues were introduced along with collection power to prevent this.

I would say this made the game more fun as it removed at least partially the extreme Pay2Win factor since you can build a silver/gold deck and be competitive in most matches.

Collection Power was then switched to SPS which pretty much moved value from Cards which have ever since gone down in value week after week to help maintain the SPS Price.

So the current changes feel mostly like a way to push more value to new cards and allow new players to buy their way to the top = potentially more pack sales and revenue at the cost of fun gameplay and older card values.