Yes, I also think 16 is to be closer in resemblance but I don’t have any idea how this value is derived. Is this based on knowledge of camera or something?
I know this is a somewhat old thread, but I would like to inform you about the rationale behind this x16 factor, as I just got a reply from Epic on this regard.
Basically, it is a compensation factor to make things look bright enough at default exposure settings.
In the case of point light falloff contribution, the expected 1/(4pi) distribution factor has been omitted.