Yeah this definitely needs to get bumped.
The same problem the OP made with Lyceum Challenge is the same with Covenant District Challenge as well.
I'm not as tech savy as the OP so I don't exactly know how to image link the items, but I got a ring that has the 122 to stats and lower blue stats then a heroic version of it from normal Covenant District. Its basically the same as the OP's neck comparrisons (which yes is totally jacked up)
I petitioned it, but have yet to get a response. =/
Hopefully a red name will see the OP's post and take a look at the disproportionate loot that the HM instances' of Sky Shrine are dropping.
Respectfully,
Lethlain