I don't think thornmail is a problem at all today. It returns a ton of damage. Sure if thornmail is your only armor item on a tank it is going to do very little for you. At 5-6 tank items you should expect to see a much larger benefit.
As others have mentioned in this thread, all the OP items you see people building like rageblade and such, are not effected by thornmail. So they get a huge damage increase which can not be mitigated by this item. Part of the reason Rageblade is so insane right now is because of how few legitimate items there are in the game which could actually limit its damage.
Riot should keep thornmail the way it is but introduce another version which is effected by magic damage including on hit damage abilities such as rageblade and on use stuff.