I hope so. I would like to think that way.
However, due to the history of League and how Riot has handled situations like this when they have occurred, that is a level of argumentative charity that I cannot afford and is, fairly, something that is unreasonable for me in this situation.
The thing is.... it is not doing that; it's not crowding out other items strategically. By and large everyone is still buying the items they are "supposed to", and those are the items those players and champions are winning with. Even with both Mid and Supports buying Frostqueen's, it still isn't that popular. To demonstrate, I looked up item popularity for you and if elophant is at all accurate, the item, if there is an item that would crowding out others, is RoA. That shows that RoA is being purchased almost 9X more often than Frostqueen's Claim, and that's not even taking into account that a lot of those are just supports buying it.
FQC isn't the best mana item in the game, not even solely in terms of mana regeneration, Athene's Grail is in that regard. So I don't find it surprising that the reality is people are sticking with what has worked and getting things like Athene's Grail which specifically has better mana regeneration, more ability power, more cool-down reduction, and magic resist on top of that. The people who are getting Claim are doing so because they are going for a specific strategy. The problem that people have is that Riot is simply going "NOPE. Not allowed" and will likely justify that with one of their design tautologies like they have done in the past.