The problem with refunding IP/RP for rune removal compensation and an idea for compensation
There are two underlying issues with the idea of refunding:
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There's no reasonable way to calculate the exact amount every single account used to purchase their runes. There were times where rune prices have dropped, or where runes were on sale. There's the rune page 2 for 1 deal. There were older runes that no longer exist in the shop that people own. Hell I'm pretty sure there were some event specific runes too. With all of this in mind, there's no real way for Riot to know, and therefore accurately measure, how much IP/RP was used on runes and rune pages.
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Many of the older players will feel as though no compensation was given if they already own all champions, since it will be just added IP on top of their already massive pile. So should they get essentially nothing at all while some people get far more? It's unfair to those players who have been far more dedicated to the game for years.
When it comes to ideas for compensation there's one I've had in mind.
Riot should bring back the Rune Wars skin line and give out the skins for free to players based on the number of rune pages/runes they had
It would be an homage to the soon to be old rune system while giving players something that for most isn't already owned and could be enjoyed.