The loot system was added out of nowhere and continues to give away tons of things at their own financial loss.
Most of the champion animations (e.g. Curse of the Sad Mummy) were done without expecting profit.
https://youtu.be/iBMWa3NfqKY
2:32-2:52
Amumu for sure is the most expensive thing that we've done, as a music team, that has no purpose. Literally, there's no business incentive. There's like, no promotional campaign tied to it or whatever. The sole purpose is to do something cool for our players.
Finally, they announced that they're removing runes, another significant source of income. Now, your argument is that they intentionally keep champions overpowered to drive champion sales, but by removing runes, (which people needed to purchase with IP) people won't have to spend IP on them. By giving players more IP to work with, players can buy more champions with IP and don't need to do it with RP. This directly hurts their income
https://youtu.be/bY67yCaGdno
3:48
Making runes free will have an impact on how you unlock champions, icons, and more, but we also view this as an opportunity to revisit League's reward system as a whole. So while we are reworking runes, we're also looking at other improvements, such as making it easier for new players to fill out their champion pools and giving all players more rewards to work towards.
They even announced that if you buy runes right now, you'll be fully reimbursed later.
I know when a game intentionally keeps characters overpowered for financial reasons. When it does, these strong characters are hilariously strong and they stay strong for quite a while. New content is mindlessly pumped out with little attention towards balance, and almost always leans on the strong side. Also, unlocking them without paying money is temporary and/or difficult and/or time-consuming.
None of the above applies to League. 450 IP champions become overtuned while newly released champions come out undertuned. Balance changes happen constantly. Champion IP pricing is based solely on how new they are and their prices lower on a regular schedule. You get IP from every single game and it's used for every single champion. There's no jumping through hoops for a chance of progress on a quest to unlock specific characters.
Hell, a lot of things Riot does has no bearing on profits. At the request of the playerbase, they reimplemented item sets into the new client. At the request of the playerbase, they added a Practice Tool. To me, they don't seem very greedy. At least, not currently.
Their balance team collectively has a screw loose though.