I'd like to have a better out of combat regen stat on it. ravenous outshine it simply because if you're low you can heal off creeps and stay relevant.
Ravenous depending on your items can heal you for 200 hp in a fight fairly easily especially if combined with another lifesteal item/mastery.
so lets say you converted the lifesteal on ravenous into hp and health regen instead it would look more like:
75 ad
100% health regen
200 hp
Passive: + 1.25% max health when out of combat.
you're sitting on 40 extra ad and a cool passive. 40 AD Is 1400gold, passive value probably not cheap either like 400 gold. =1800 gold
whereas titanic has 250 more hp which is ~700 gold.
prior to nerf it was fine as it gave 20 more ad which is worth 700 gold
call it 1400 total prior to nerf
the remaining 400 gold is mostly the price you pay in terms of risk rewards. your squishier with ravenous but if you play your cards right it pays off.
and titanic is also worth in terms of helping you fulfill your frontline duties, helping you peel for your back line.
why would you get titanic when it cost the same as ravenous 3500 gold? other items are better worth your while. I might buy it for 2900 gold as a budget item and hope to end early but not for 3500 in its current form.
if the unaccounted for value is supposedly found in titanic's active (i take it since the passive is comparable to ravenous's) ,than it banks too heavily on a scenario where the enemy all line up. And it has a longer cdr on it as well.