I really think they need to cater a little more to new players, but I think the reason they don't is that there probably aren't a lot of new players flowing into the game. I imagine most new accounts are smurfs. They should let new accounts choose 10 champs which are unlocked for free, or give new accounts some nice amount of IP. The issue with this is that everyone can just make multiple accounts and end up owning every champion. That's offset by rune costs per account, so it balances out, but it's probably a concern.
Overall, since the game is this old, they need to do something for new players, but only new players. Even if I spend all of my IP on my main account, I wouldn't even have half of the champions. This is fine. I have excess IP because I'm at a point where I don't want any other champions or runes. Nobody honestly loves every single champion in the game. If they do, and are that fanatical, they should support Riot by just buying the champions.
Let me summarize my total IP usage in terms of what I need. I've spent a lot more than this on champions I sort of regret buying, and runes I never use, not to mention buying champions which have been price reduced but I'm excluding that stuff. In fact, even a few of these champions, I dislike, or rarely use, but I'm including them for the sake of it.
Syndra - 6300
Anivia - 3150
Ahri - 4800
Thresh - 6300
Nami - 6300
Lulu - 4800
Xerath - 4800
Orianna - 4800
Galio - 3150
Ezreal - 4800
Cassiopeia - 4800
Brand - 4800
Maokai - 4800
Blitzcrank - 3150
Sona - 3150
Karthus - 3150
Malzahar - 4800
Ryze - 450
Morgana - 1350
Fiddlesticks - 1350
Janna - 1350
= 82350
Next, my rune pages. I have 8 because I buy them during 2 for 1 sales, but I really don't have a use for them because of my limited champion pool. Armor, Mres, CDR, AP, AP per Level, Magic Pen, and just because I use them, or used to use them - Move speed, Gold per level, and mana regen. Because this requires a bit more effort than the champs, I'm just going to double my champion total for my rune total.
That's about 160k IP for a maxed out account for my purposes. 300 IP per day is a reasonable guess for a "casual" player. That's about 1.5 years to get everything I want in LoL. Sounds ridiculous, but I can lower that champion pool and rune pool by a significant margin, and still be completely happy with LoL. Lets count that.
Syndra, Anivia, Ahri, Thresh, Nami, Morgana, Brand. = 33000 IP
Doubled for runes = 66k. That's 7 months. Actually, that's pretty insane. Riot, wtf.