Hextech Chests: Reward or bait-and-switch? [With solutions]

So, since returning to the game (which I have played off/on since season 1 I think), I have appreciated several aspects of the hextech crafting system. While I've spent a fair sum of money on champions, I have been more reluctant to get skins. Having a new way to (very slowly and randomly) earn skins has been nice. However, every system has its shortcomings, and I feel that the hextech chest/key fragment design is one of them.

Note: See TLDR headed lines for short 1 sentence summary of each section.

The Problem:

• For players who play with friends a lot and earn S with a fair repertoire of champions playable at S rank, it is exceedingly common that over time the chests just keep stacking, while key fragments will never keep up. I've only been playing consistently again for a few months, and in that time have a 5 chest overage to key fragments (while also not getting a key fragment in around 6 days).

TLDR: Too many players have chests and no keys.

The real issue:

• Getting more free stuff is great, but players are not entitled to it. It works as a business model, because it keeps players coming back, keeps interest in the game higher (and with it a more vibrant community). The chests (when they feel like a reward) make that effort each game feel "worth it" in an extra sense. HOWEVER, that is not the experience I feel myself and many other players are having with receiving a chest. Instead, the system is feeling like a bait and switch. The store offers keys for RP only, turning those extra chests from worthless rewards into a "you did great! To collect your reward, we just need you to pay for it." This is not just annoying, but predatory business practice. For the more obsessive players of League, it coaxes players into spending money, and more the less obsessive acts as nothing but a nuisance.

TLDR: Keys for money makes the lack seem like a bait-and-switch meant to coax money from players.

Possible Solutions: I have generally seen Riot in a positive light in its impact on the gaming industry, and like to believe that the way the hextech chest mechanic has developed was not intentionally predatory, but a mistake of algorithms. So here are some ways that you can fix it. [Note: a combination may work to keep the wide player base balanced]

TLDR: Riot has a good reputation, so here are ideas for aligning the system to its presumed goal (reward for playing well).

Best options:

• When players have exhausted chests for a period, give a chance for S- games to drop a full key instead. *This adjusts only specifically the players suffering (most) from the issue, and doubles down on the reward aspect of the system.
• Make key fragments purchasable from the store for IP. Now it doesn't feel like a bait-and-switch, but a player choice on spending IP.

Other options

• Boost key fragment drop rates notably (however this will likely be near impossible to do with as wide a player base as the game has).
• Reduce number of key fragments needed to forge a key (I feel this will likely fail to address the underlying issue, and be hard to tune).
• Remove keys from the system altogether. (This is probably the simplest solution).

Thank you for taking time to read this! Many thanks to Riot for modeling a great free to play system!

Sincerely, A long time Player of the game.