Possible Solutions for Damage Creep
Obviously, I'm not just going to say, "lower damage." I'll be addressing solutions to the three causes I outlined in detail in this other thread: https://boards.na.leagueoflegends.com/en/c/gameplay-balance/YfTuBUYF-tertiary-causes-of-the-damage-creep Cooldown Reduction, True Damage, and Defense Items
##Cooldown Reduction This is the simplest problem to address, as it can be done across the board for multiple classes at once with little issue: Reduce Black Cleaver, Trinity Force, GLP/Morello/Archangel's CDR all from 20% down to 10%, and replace the CDR on either youmuu's or duskblade (but not both) with maybe some mana so aren't both so heavily skewed towards Zed.
The thing about it is, Cleaver had its CDR increased from way back when they adjusted the HP/AD in an attempt to make it more less of a priority for non-juggernauts like Riven and Pantheon. But now we've circled back to it being a priority not only on them, but on assassins' core builds as well. So tuning it back would kill two birds with one stone. Trinity Force had its CDR increased when its Crit was removed, to offset all the crit added to the game in the original Marksman update. But the compensation was unnecessary, as the item is plenty gold efficient even if it were to lose 10% CDR. As for the mage first-buys, I think they're actually an indirect result of these two, and the over saturation of CDR in general that came before their change. So removing the Haste passive alongside changes to the other items would be fine. Likewise for the Assassin items.
##True Damage Conqueror and Infinity Edge should instead convert to magic damage, so that it remains good against armor but isn't effectively impossible to build against in practice. This would also prevent AA based champions from dominating every other class as a result of any CDR changes.
##Defense Items With the other changes, no changes to tank items would be necessary. To undo the Tank Update item nerfs would simply lead to what seems to be widely accepted as the worst kind of meta.