This is a question that I've been asking myself for quite some time now.
The old HSK 1 encompasses 1000 words, the new one only only 150.

They aimed the new one at visitors/tourism

Its 150 words /178 characters.

I'm told its the result of Hanban completely taking over the HSK from BLCU

It is a new system. You can't really compare them like that. While the old system 1 level where almost intermediate the new one first level is very much beginner level. The new levels are also combinations of the previous levels. So for level 2 you have all the words from level 1 plus then new one for level 2. In many ways the new system better reflects your level and the demands for that level. One problem still is that very few employer know about the new system yet so it might take some explanation if you are going to use it in your CV. I am working on an international company and I have had to go to our HR department to explain this for them since we have hired some foreigners lately and some of them had the new HSK. You can read much more about this here: http://www.hsk.org.cn/english/default.aspx