It would be better value if it only dropped equippable badges - the value is still pretty RNG dependent considering you can get eg. single 50-bit badges
Well, even if I get a fair amount of material badges I am mostly interested in reducing the overall grind time so I worry less about getting material badges, but I agree it would be nice if the crates just gave equippable badges.
Still, just I happy to shave off some days if not weeks of grind time :-).