As someone who's been across the spectrum of esports and back in terms of viewing over the past few years, I can definitely say that League invests quite a handful of my time. As a game, my opinion is rather mixed leaned more to the negative side. But as a competitive scene, I find it just as appetizing as any other game considered an authentic esport. I'm pretty much on the side of League Esports not being pushed to equal that of a competitive sport but that's a different mention for another time.
As for your question. What do I love about it? It's ever changing landscape. Other esports titles can grow stagnant quickly given the company or platform (console games having it the toughest time only until this generation). With Riot, a new patch comes out every two weeks and there is almost always this possibility for something to change whether it be build style, macro play, flavor picks, etc. Once it hits competitive patch, it is kind of a test to see how the teams have adapted and with what tools in terms of the three noted mentions above.
Does it affect my daily life? As a game I play, not really (hell, I'm kinda on a semi hiatus til either Worlds or whenever I want my Silver border again). As an esport scene to watch, I can't disagree to that whatsoever. I've had cases where I would watch LPL, LMS, LCK, EULCS, and NALCS in a 21 hour marathon of just League broadcasting (I'm...not...crazy - it was literally the week before). Why does it appeal to me so? It's kind of just television to me these days until something like the Olympics comes on whenever that is (I know when it is). It's brought in quite a bit of interest along with the growth of the FGC (Fighting Game Community) to lead me into an option or hobby in honest blogging/journalism (Power Rankings, Performance Ratings, Event Rundowns). Aside from that brief stint lurking in Azubu Chat and my recent posts since IEM Oakland, I haven't pursued anything professional or close to it.
Esports scholarship programs? Particularly for League, I do believe the architecture behind them are developing vastly with the past few years of Collegiate LOL championships. And with a new champion from an unexpected outcome, it's likely that the interest will continue to boon. I do however think that said scholarship programs only work for cooperative games. Solo games have a different vibe to them. It's more like "How good are you and can you get there to prove it to those sponsors"