If memory serves when storage tubs first came out they used a measurement of usable space not actual capacity (they had handles that got in the way and such) and not the actual volume and it just sort of stuck.
The tub you have will work for a young Ball Python...at about a year you will want to move them up to a 28qt and any snake over 1500 grams would do best in a 41qt.
Hope this helps.