Not seeing why they would need to change conversion rates due to this (not that it's a given they'd stay at the previous 1.55).
SQ decided they need to increase the cost of redemptions. Whether you earn points, or convert them across, in both cases that increase hits you the same either way. i.e. you now need to convert more points just to get the previous award, the same as you need to earn more points.
So not seeing why they would need to charge people more for the cost of converting - which is more to do with parity with those who earn/existing members of the program i.e. if you make it too 'cheap' to convert than it will benefit those who convert it in against those who earn which causes problems amongst their own members. Conversely if the conversion is too high, combined with higher award costs, then it just makes that avenue unrealistic as it is not cost effective e.g. having a 3:1 rate compared to the actual award cost, means external members would see it as not worthwhile and it effectively ceases to be a benefit.
This equation isn't impacted by an increase in award costs.