Chests make sense if they're releasing a batch of themed skins. Such as if they released a bunch of Pirate themed skins at once. So you roll the dice for just that theme (Which will be like what, 5-6ish skins usually?)
Putting non-themed skins or ones that are released much later into chests with a ton of items in just deters anyone who would want to buy gems and pick it up.
I know I'd love to drop a few quid on some gems to pick up a nice skin. Like if it cost 800-1000 gems that'd be £10 or there abouts, I'd do that in a heartbeat for a dope ass skin.
However, when it's rolling the dice on a 1/55 chance, it's complete bullshit. I'm not willing to spend £140 just to try and guarantee the 1 item from a chest I care about.
Like, this kind of shit (Combined with Limited skins) will really drive away new customers. Not to mention, wearing the patience of existing customers (Especially if people take a break due to the shitty MM driving them away and come back and oh look they missed some dope ass Limited skins because fuck you and your "Not playing Smite 24/7 365 days a year" BS)