Why do shields last so long? - They should decay over time. Always. Like, globally.
If shields decayed over time, universally, this would accomplish a lot of healthy game changes without completely gutting shields in the process.
1.) You give Champions like Janna and Lulu a much, much higher skill ceiling. The Janna that times the shield perfect is going to get much more out of it. The one who is way early will lose a portion of the shields benefit. This means that all point-and-click shield style abilities will have a built-in timing skill to them - much like how skill shots have a requirement built into them (aiming!)
2.) It is elegant and extremely simple. It also has many, many possible balance iterations. By controlling how fast shields decay, you can control the potency of shields in the game with another balance lever - right now, your only real options are 'shield amount' and 'shield duration'.
3.) You open up some counter-play to 'shield-bombing' a single target and keeping them alive. The aggressor has a bit more of an advantage with shield decay because they can bait out shields early and let them decay a bit, before opening up for all the damage!
Thoughts?