With the Addition of Ekko I Have to Ask, Lich Bane: How is This Still a Thing?
Luden's Echo is an item that makes sense. It gives more burst for burst champions, makes them deal their damage faster and in a wider area, as well as making them harder to catch and etc etc etc. It's a pretty good item, makes champs like Katarina and LeBlanc more annoying, while having the side effect of making poke champions like Lux and Kog really really really annoying.
Lich Bane on the other hand...ugh.
So, Luden's has the (I believe) unintended side effect of making poke champs more pokey. Lich Bane has many many many unintended side effects.
Lich Bane is supposed to give AP sustained damage champions more consistent sustained damage, and rewards risk by making the champions in question need to get within auto range in order to do this. And it has the following unintended consequences:
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AP Split Pushers are beyond toxic with this item. Ziggs is the biggest offender here, but Kayle and Diana have issues too.
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AP supports have to be nerfed around this item. See the Sona rework, see the Lulu nerfs, see the Karma rework and 5.10 Karma...
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AP assassins get more damage out of this item. See Fizz before they messed with him and turned him into an AD jungler, see Ekko, see Diana when she's built as a full AP assassin. Assassins need burst damage, and they don't care about weaving Lich Bane procs carefully with their abilities like sustained champs do, to them it's just one more way to deliver 50% AP as part of their overall rotation.
Lich Bane constantly requires other champions to be balanced around it and champions who 'aren't supposed to build it' get stronger by building it, because of course you can't balance an item that gives both AP and a damage source that scales with AP.
Luden's Echo has an actual CD. Lich Bane does not. Luden's Echo helps burst champions. Lich Bane helps champions who don't have a lot of sources of damage in their kit (Sona, Lulu, Twisted Fate, Bard) as well as the sustained DPS AP champs (Diana, Ezreal, Elise if she wasn't required to build tank).
Riot you messed with Lich Bane before and even had to buff champions because of how much they rely on the item. Let me state this clearly. This should not be the case. Burst champions do not rely on Luden's Echo to kill their targets. Luden's Echo helps them kill them faster, and helps them kill champions they normally couldn't (tanks, mostly). But sustained DPS AP champs? They literally cannot do their job without the bonus damage from Lich Bane. That's a problem. You need to remove this item and simply add more DPS to Twisted Fate, Sona, Lulu, maybe AP Ezreal, idk. Make the champions able to do their job correctly without 3 or 4 additional 75% base AD + 50% AP procs. If you do that, then champions who shouldn't be building this item won't need to be balanced and nerfed around it.