Consistant True Damage should be replaced with adaptive damage, or lethality.
The idea of true damage was to give: A. Fighter champions a way to deal with tanks B. To give a niche to a champion.
I believe currently the biggest problems would be yi's E, and vayne's w. Take a look back at season 4 vayne, and you'll see that her damage was actually quite low, so outplays were extremely impressive. Now, with all buffs and item diversity, vayne's damage is insane, and ive been melted as a 350 armor tank against her, because she built bork, and before you say "but she's a tank killer", it takes her 5 seconds tops to kill me, and 3 seconds for squishies. That isn't a niche anymore, but rather an overloaded kit.
Yi's E has always been an issue. The idea of having true damage when activated sounds nice, until you realize that means you can't build armor, and while yi has no cc, if he ults you, now you can't run or tank the damage. Top that off with red smite and tank's get melted, with squishies melting twice as fast.
I want to rework this consistent true damage along these lines (note these numbers may be atrocious, but it's the idea that I want to sink in):
For Yi: "Grants 10-25 lethality, and grants X AD". This makes sure that yi can't just ult, press E, and duel without considering the enemy's build. This should help yi against squishies (or keep it the same), but give tanks the feeling that armor actually helps.
For vayne: "every 3 auto attacks ignores 50% of enemy's armor". This ensures that vayne keeps her niche of being a tank killer, while making her struggle against actual fighters, like fiora or yasuo. Yes, it's a drastic nerf by all means, and I understand that, but I think with itemization she would be fine, and would only be picked when fighting tank heavy comps.
As for conqueror....
Personally, conqueror is complicated. It's frustrating, but only when certain champs who use it, primarily, champs who have high damage, fast combos, and great dueling potential. When someone like Riven uses conqueror, everyone feels frustrated as she has high ad. From my personal experience, conqueror isn't frustrating because the true damage, but rather the healing that comes with it, and high burst fighters can exploit this healing well, like renekton. However, put conqueror on a champ like morde or Darius, and while their healing is insane, their moves are predictable and are not instantaneous, so while a good choice for them, isn't "op". If somewhat of a cap were to be put on conqueror for high burst duel champs, I feel like much frustration would disappear.
There are other champions who have true damage in their kits, but I think they aren't problematic.
Gnar's w is extremely similar to vayne, yet does magic damage. Also, gnar can't relentlessly auto, as mega gnar is a thing (and gnar doesn't have stealth).
Olaf's E is strong, but isn't overbearing. It has a high cooldown, and is lowered only by auto attacks. Furthermore, the true damage isn't overwhelming.
Darius, Garen, and cho ult's are executions. Darius needs 5 stacks on an enemy, meaning he has to stick on someone for that long to do the most damage. Garen needs to ult the villain. Cho needs to get in place of the enemy (which is difficult as all are susceptible to kites).
I'm certain theres more champions, but you get the idea.
TLDR: dps true damage is beyond frustrating to fight, please alter it so these champs can't just mindlessly faceroll.