Yes, apart from the seal scrolls the rewards are terrible.

It's plenty for 2 hours of work. ^^

Its not that bad. I ranked up in a Samui, Omoi, 3rd Raikage, Wind Main lineup and that took me about an hour or so (52k power). The Ninjas it gives are hit or miss. One time I got Jigokudo which helped me get him to 4 stars. Another time i got Cee frags. Maybe they could update it to GNW Treasure instead of Kage Treasure ninjas but either way, if you have even just a single good lineup for Arena, its just a matter of time before you get Six Paths.

If you have the right build it's not that difficult, though the wait times are kind of crap sometimes. (Still worth if for all the frags and 6 scrolls. I've maxed out all pains except tendo already. 4 or 5* a ton of other people as well.) Most people can hit it within a day or 2. But the wait time is atrocious once you hit even the bottom of the 6-path ranking. I had wait times over 30-60+ minutes consistently. Once I waited way over an hour with no one showing up, so I just left. (But that issue is only once you hit 6-path so whatever. I got into a point battle with another guy in our server. Ended up with 68 points. But the last 3 points took at least 2+ hours of waiting to get.)

I would like to see some of the more rare ninjas in there though. Even if it's at a reduced frag count.

exactly

I would rather get maybe only 5 or 10 frags of a proper rare ninja like Hanzo rather than 30 Cee frags.

Nothing is bad from getting something for free .. 60 and 30 frags is not bad at all, just don't mind them to the extent that you will feel mad about it .. Let it be, go and stack up high in your ninja den, one day you will end up getting that ninja to 5star and then their fragments will be useful for Refining Fragments or if they have skillbreak then exchange it to skillbooks .. And if you have enough luck and get AsumaWB or other ninjas that are currently in the basic teams then congrats, if not, better luck next time ..

all you guys here talking about rewards from six paths and im here like nice been 6 months and still at 46 points with a fat -20