It seems that phase hopping for Siege of Dragonbane Keep rewards has been hotfixed and only provides one bag per hourly event.
As previously mentioned, Siege on Dragonbane Keep has no lockout and can be farmed infinitely for Dragonbane Keep Strongbox and 50 Valdrakken Accord reputation. However, players were Shard Hopping using the group finder to get multiple completions from the same hourly event.