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That's normal because Steam does file manipulation and download at the same time, throttling the download if the storage medium cannot keep up with applying the file diffs, which in addition are encrypted and compressed.
Unless you got a M.2 drive that can cope with the increased IO, you will get throttled.
I had this issue too. Maximum download speed 4,5MB/s. I solved the problem in the following way. Go to https://store.steampowered.com/, download the SteamSetup.exe. Then simply install it over the existing Steam installation. Start done.
link here to Credit Sio-x:
https://steamcommunity.com/discussions/forum/0/2299597907736783900/#c2451595019859137639
Needless to say, simply re-installing instead of uninstalling and installing fixed my issue within 20 seconds. I now get my 65ish MB/s DL speed I am used to. Something within steam must have been corrupted.
Good luck, and hope maybe this can help someone else in the future.