Are gravitational waves supposed to be that weak or is it because of the distance between us and those black holes? Do they lose power as they travel through space?
As others have said, intensity (power per unit area) decreases according to the same inverse square law that governs most effects due to localized sources in three dimensions of space. In this case, you're looking at a distance of over a billion light years, and then squaring it: that's a pretty enormous "per unit area"!
But gravity itself is also a tremendously weak force compared to the others. That may seem surprising at first, but it becomes pretty clear when I point out that a cheap little refrigerator magnet exerts enough force to overcome the gravitational pull of an entire planet right beneath it. Gravitational waves are pretty much just ripples on the top of that already tiny force.