Unsure if this has been mentioned but I am thinking with the way magic has been currently changed they still may need to tweak it. If you look at many jobs that have a magic rotation or even magic elements to their kit their damage numbers overall are lower than that of physical damage. I am assuming they just need to tweak the numbers a bit still, as they are not use to how their new system works and how it is added up all together in whatever algorithm they implemented within the code.