Thanks for your feedback! Scales in Factorio are somewhat odd, a lot of the decisions revolve around balance. I'm not complaining I can hold 3 trains and a handful of oil-refineries in my backpocket :)
If you think about it, cargo wagons are much higher than a chest too, so factor 16 seems most realistic... OR teeny tiny steel chests simply have too much storage space. Having said that, I could make the cargo wagon capacity multiplier a setting, but beware that if you switch from larger to smaller, you may lose a lot :)
If you feel adventurous, extract the zip-file of the mod, open data.lua (with any text-editor) and change the value on line 3:
- local storageMultiplier = 4;
to any value you like! It's really that simple :)