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Multiply by 8
get 1424MB/sec
The difference is some companies use the capital B for bits, others use it for bytes (8 times larger than one simple on/off value). 178Kilobytes is your speed.
Steam is downloading at the rate you are experiencing from your speedtest.
As for why its only 1.4Megabits/s, I suppose you went with the cheapest high-speed internet like I did.
If you paid for 10Megabits/s then you have a problem with your cable company.
1 byte = 8 bits
178Kilobytes = 1424Kilobits
Steam tells you in bytes. Your speed test is telling you in bits. Except that wasn't made clear before you began comparing numbers from the two indicators. Both used capital B. One of the capital B's is officially and technically wrong, but typically accepted by the industry.
They're the same rate per second.