If anything, writing "7x" is actually just a poor emulation of writing "7×".
Saying something is "done at 7x speed" should be read as "done at seven times speed" not as "done at seven x speed". So using the 'times' (multiplication) symbol is the better form in my opinion; it just happens to be significantly easier to type "x" instead, which is how we got here.
I fully agree that speech evolves, but maybe this is just in the US? I've never really heard anyone say it here in Australia, it's usually "times", although admittedly almost no one uses the phrase/format here.
I recognize that the former is the multiplication symbol, but I don't think it should be used that way.