"In my opinion this is a HUGE sign that the decentralization is broken."
It should be no surprise that an alt coin that forked from Bitcoin in order to increase its block size would find quick consensus around increasing the block size again.
"This will quadruple the block rewards miners can earn and a new Federal Reserve is born, because holders will be robbed from their value by the creators of the money."
Its all a matter of the protocol. If the block time is reduced by 75%, then the block reward can be reduced by 75% to offset the increased block time. Net block reward over time remains the same, as does the hard cap at 21million.
Holders are already robbed of their value each block when new coins are created...it is what they consented to when they purchased Bcash, or Bitcoin. Both retain their future hard caps.