It seems after the first week of the release of PvP 2.0, players were earning their rewards entirely too fast.
Today Blizzard has hotfixed a 30% decrease in honor gain that results in a 40% increase in cost of items (don't check my math because I'm just parroting what I read on the forums.)
I heard some players got their GM/HWL weapon within 2 days and I know for a fact (some of my guildmates) players got their weapons within 5 days.
I felt this was too fast personally. But that was only because these people played more than the "average" player. For the amount I planned on playing it was still going to take me a few months.
So just like they revamped the old pvp system, because players CHOSE to play without sleep, food, sunlight - Blizzard had to nerf the new system.
The losers are once again the players who choose to exercise some form of restraint. The players who refused to sit at their computer for 24 hours a day would never hit GM in the old system. Had players chosen to only play a reasonable amount of time each week, the system probably would have been okay. Instead you ended up with shared accounts GMs, and worn out-bleary eyed HWLs.
Those players who will play 10 hours a day will still get the rewards faster than they should and Blizzard will probably nerf it again.
Systems probably are truly "Working as intended". Its the human factor of working the system as it never was intended that screws things up.
8 hours ago