while it is succesfull i dont think that riot's actual policy is the right one
in its current state the viable champion pool is indeed really big
but their viability boils down to one aspect riot is making all of our champions work virtualy the same with items or masteries
our champions become viable because by applying different buildpaths or masteries allows the to fill all the holes in their kit (the holes which shaped a giant chunk of our gameplay)
you are outranged as adc ... get rapid fire cannon you are unable to initiate as a tank ... get dead mans plate you are a tank jungler and have a weak clear ... there is a load of items that will allow you to keep up with competition
whoever you are you are able to get items or masteries which will allow you to do anything (there is even a liesteal for tanks)
now we even get items that allow carries to get beefy without losing an entire item slot for offense (sterak the burst blocker comboed with mercurical and hexdrinker ... preety neat combo to be honest)
while the viable champion pool grows bigger ... our champions become less and less important ... this may lead to the point where picking a champion is purely aesthetical decision
im telling this from experience ... whoever i play i dont realy think about how will i use my kit to my advantage ... but what should i buy to not be at a disadvantage (whether i need durability sustain or burst to work well againtst my enemy)
removing diversity isnt a good way of ballancing the diverse champion pool after all diversity is this game's main selling point