Can we fix how overpowered....

That is a wild generalization...and also an inaccurate one.

If everyone is OP then no one is OP.

The problem is how strong runes and items have become.

Everything has boiled down to feast or famine mechanics.

Whoever is fed the earliest is the player with the winning team in most situations.

I think one possible fix is removing first blood for kills and turrets.

Runes already reward players for killing champions. First blood gold is just over kill at this point.