A thicker matte medium is designed to reduce the opacity of the paint rather than actually thin it. As miniature painters we usually only scratch the surface of the properties of paint. Just a few things to consider when painting regarding the properties of paint:
1) Opacity/Transparency
2) Viscosity (how thick or thin it is)
3) Flow properties (how well the paint adheres to the surface, does it spread evenly, does it pool in the crevices, does it bead up)
4) How the paint settles (once it's applied but before it dries, the paint settles, some mediums are designed such that the paint self leveling, other mediums are designed to purposely leave brush strokes visible).
And heaps more, you can read all about mediums and the properties of paint here:
http://www.goldenpaints.com/products/medsadds/gels/gelreview.php
The short version of it, if your medium doesn't actually "thin" the paint, then it's probably because it's designed to lay down semi-transparent layers more smoothly rather than actually to thin it out. You can try mixing with water and other things to get the properties you want, or buy a different pre-mixed thinning medium.