I would like to point out how hard it is to play against that.
It works for Nocturne because he has to be up close and personal to hurt you anyway. This means that the vision reduction is isolating you, but it isn't outright taking away your ability to fight back.
It works for Graves because he is both an ADC, the class that is naturally the squishiest in the game, and has a play style that generally wants him to get up close and personal. When you take both of these factors into consideration, Graves has to offer just as much in return to the opponent for that vision reduction.
What it probably should never work on is a siege/long range mage. All that causes is that you can't see them while they poke you down presumably outside of your vision. You can't use your targeted spells on them for obvious reasons and it's ineffective to use skill shots because you're so prone to missing at that point.
It's entirely possible vision reduction may be introduced again in the future, however you really need to realize that the niches it can be allowed into the game while still being healthy from a balance point of view are few and far between, and both Nocturne and Graves are already taking 2 of these niches.