NBA, NFL, MLB, World Chess Fed do not make money from making new champs every few months.

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Fun fact: CS:GO, overwatch, and hearthstone don't suddenly release patches that drastically change the game after their teams have gone 9 weeks (and realistically, almost a year) getting used to them. Riot does. So League will continue to forever remain a crapshoot for players/teams with moderate risk and minimal reward.

Did u intentionally leave out Dota? Because these games are not Mobas?

The game would go stale if updates only come out once per 6 months. The continuous updates is part of the reason for the popularity for CS up to CS 1.6... and also Icefrog's Dota Allstars (WC3 mod).

These updates create interests for the game and is a big part for its survivability.

Esports is not Sports, in any conventional sense. Esports players are not Sports players. Rules in Esports changes on a regular basis. There are pros and cons about this but it is also what makes it exciting.

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Technically, those organizations DO get a cut of the profits made off of merchandising highly notable players (especially if they want to be depicted in their team uniforms) so it IS in their interests to sometimes change things to ensure their protection/lasting marketability.

But merchandising is more like figurines Riot sells.

Making new champs is more equivalent to changing the rules of the game? i.e. with a rework, u get a Ryze ult that can teleport minions and champions to a location when u had nothing like it before. This sets a precedent like none other in any competitive sports actually, where rules are changed on regular basis.

edit: what if NBA made players wear flippers instead of shoes to make the game more interesting?