This whole chest thing seems like a ruse.
You get like double the amount of chests compared to keys. so eventually, you're going to end up with just a fuckload of chests you can't open and you're going to have to buy keys anyways. It's just a ploy for riot to get the gambling addict money.
Or maybe they really were trying to release something cool, but it just feels shitty when you can't get a single key after more than a dozen games.