For one... it's not the Pre-Mades (the Dynamic Queue portion) giving us longer wait times. That is directly a cause of the new Champion Select.
Secondly, Dynamic Queue was a fundamental shift in Riot Philosophy... and these paradigm shifts are not simply tossed to the side without due consideration.
The ESports Industry is shifting, with HotS having a One-Off on ESPN and with CS:GO about to start airing E-League on TBS. In other words, there is an active shift towards Televised Content... which requires strong Viewership for Advertisers to pony up the Dollars.
Riot put in Dynamic Queue for a couple of reasons, which I'll list below.
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Less Trolls and Toxics to run off players just entering Ranked. As I can equip myself with 4 people that aren't Trolls and Toxics, assuming I myself am not Troll or Toxic, I have just eliminated 50% of the slots a Troll or Toxic has to get into my game and ruin it. I have 100% eliminated the chances of my team being negatively effected by a Troll or Toxic.
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League of Legends is a Team Game, where Communication and Team Synergy matter. We see the Guides all the time "Top 10 Champions in Ranked that don't work in the LCS"... and it's always a matter of 'these Champions don't require the communication or Team Follow Up'. In other words, we are told from the time we start playing that Ranked and Competition Play (Tournaments, Pros) are two different games... but they SHOULD NOT BE. Riot is trying to bring more strategic depth and team oriented play to Ranked. Teams that work together over time (even if a larger group of say the same 20 people rotating and playing together over time) will start to develop and work on Next Level Strategy, like Lane Swap and Double Teleport, and use them more effectively.
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It's easier for New Players to learn in Ranked when surrounded by people they trust who aren't bashing them.
Now, when we look at the idea being to grow player base so we have a greater pool from which to pipeline Talent into the LCS AND to add more Viewers... then these make perfect sense. When we also are trying to homogenize the product, where a Bronze Game can look like a much less skilled LCS Game, so there is more clarity for Viewers, we can see the reasons for these changes.
Riot wants more Viewers... and people like Tyler1 turn off a lot of new viewers because they put themselves in the shoes of the person being flamed and think "Why would I want to participate in that?" and go their merry way to the next game. We are entering a time in the Industry where Viewership is going to matter more than ever. Advertisers want to know the Shows they Advertise on will have sustained audiences and sustained success... part of that is a sustained pipeline of Talent ready to emerge and replace the old talent on it's way out. Where do you get that talent from? Ranked.
So Riot wants both Ranked Player Growth AND Viewership Growth, while 'teaching' Ranked Players to play with deeper strategies that are constantly evolving in the Professional Landscape. Dynamic Queue does all of these things.
There ARE Negatives. Elo Boosting, for one. The enhanced ability of a Platinum and Above Pre-Made over a group of equally skilled Solos, for another (the impact on Lower Elo isn't nearly as impactful as Lower Elo Groups don't have the skill to get the most out of teaming up yet). Riot considers the Positives to far outweigh the Negatives.
There is so much of the game that can only be untapped through cooperation and preparation... Riot has NO REASON to side with the Solo Player. The Solo Player, and the Toxicity that comes with it, are what Riot is trying to eliminate. That want Team First mentalities, working together on Team Skills, to promote their Team Game.
The only way they revert is if they lose a large chunk of Ranked Players... as their survival DEPENDS on Ranked Players. As long as you continue to Queue up in Dynamic, instead of fleeing for HotS, DOTA II or Smite, they have zero incentive to change.