Itemization homogenizes champions
Lack early sustain, but are inherently stronger than your opponent who has sustain? No problem, take this super annoying Corruption Potion!
Don't have inherent life steal? No problem just build it!
Long cool downs? No problem! Every item gives cool down!
Slow as fuck? No problem, build Deadman's and Trinity Force!
The problem with the items is that it lets certain champions have with others have build in, such as sustain....however, no item I build as Aatrox will give me abilities that they have. I can't build an item that lets me vanish, or become untargetable, or have 2 hard CCs.
Damage, cool down reduction, life steal....these are all states easily obtained from items, which makes the champions who have these things inherently less spectacular--their opponents will have that which they already have by building items (which problem scale with them better), plus their own abilities that can't be mimicked by purchasing items.