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2. Try reapply bandwidth to see what happen.
Just to help you understand, pay attention to the capitalize B & b below.
MBps = Mega Byte per second
Mbps = Mega bits per second
1 Byte = 8 bits
8 Bits = 1 Byte
If set 6MBps, you get 6MBps / 48Mbps.
if set 48Mbps, you get 6MBps / 48Mbps.
Your times bits by 8 to equal to 1 byte that how this works, as see in the settings it showing type either it be byte, or bits the B matters because you know which one it informing you about.
So if you set like 49600 kbps, that get you 6.2MBps in your screenshot.
So if you set like 6200 KBps, that get you 6.2MBps in your screenshot.
1000 Kilobyte = 1 Megabyte
1000 Kilobit = 1 Megabit
So if you're trying to get 2MBps limit you set 16000 kbps / 2000 KBps, hope this explain to you how things works.
I don't think, Steam uses bits in any of its displays at all (unless you actively check the option to do so).
The suggestion of the users above to refresh the option sounds more promising.
why act cleaver instead of trying yourself?
the thing is broken. that is it. some developer managed to break it.
Overall it is working, but not right off the bat when you initiate the download 1st time, or from launching Steam.
-edit-
Fixed a sentence forgot a few words.