I'm mixed on this issue because I see the need to both protect the system as you defined, but at the same time reward players with incentives.
I feel these are crucial issues that affect my vote:
we are in this position economically because in the past we were slow to react to bad policies. This is a pro-active step and stops a potential problem before it gets out of hand and thus gets worse. This is a positive change showing we are learning from our mistakes.
I believe we have more votes coming in the future that can change and improve our situation, like @bronko's proposal on large bot farms. If we can continue to work together to improve the entire economic system together, then I believe we can revisit this issue and add back packs later (if we choose to do so).
Matt has stated that he would prefer the packs not be in ranked, and instead has other things planned for loot chests. I'd like to give Matt the flexibility to determine the rewards, especially when we have a huge new mode (land) where only he understands the possibilities and plans.
Based on these issues, I will vote for this proposal. I think stopping a potential economic problem before it starts is smart. I think people voting to do what's best for the game, even if its not best for them personally is the way to move forward (I get as many packs as anyone in the chests, so I take a hit too). And finally I trust that Matt will add new fun things to replace the value of the packs with something new.