Have you noticed since smite started getting items exclusive to it, how much that affected the game?
I wrote a thread about a topic similar to this last week. Over the last 3 years Riot has dug themselves a hole. They used to have to balance 100 champs and the items to go along with them. But, now they've added modifiers for summoners (Smite items), a bunch of different types of buffs (Drakes, Rift Herald, the old jg camp buffs from the previous two seasons), vastly stronger masteries, terrain alteration (Taliyah, Talon, Plants). All of these extra variables only makes it harder for Riot to try to keep the game in a reasonable state of balance. They've made their job harder not easier. Much harder imo.
Back in the day they'd release patches as needed, tweak what were obvious problems. Now they patch once every two weeks on the button, often allowing stretches of garbage strats and unbearable gameplay because "oh well we'll fix it in 14 days or less."
I'm not sure if this is a result of them getting bought or what. It seems the problems have gotten worse ever since they got bought out.
To draw a parallel, the same thing happened to Minecraft. Small, community centric, compamy releases patches when needed. They got bought out by a big company (Microsoft), whom I bet imposed time table requirements and long term planning, and now it all feels staged and no longer about community feedback.
I can't be sure this is what happened to League of Legends, but the automated bans and the useless responses from support staff I've seen posted on the boards seem to indicate it could be true. The reworks feel like they've planned on a calendar for two years ahead of time, and none of the item changes/balance updates really feel spontaneous anymore. Riot is focusing too much on data and numbers and not what the players are actually saying.
Obviously there's values to data, numbers, and statistics. There's also value to AI (Like the one they use for the report system). But, there's also value to listening and being willing to provide meaningful conversation and actions as a result of conversation.
I rarely see Rioters on the boards anymore, I rarely see people have positive experiences when contacting their support anymore, and I rarely see the changelog reflecting what myself, my friends, and others on the boards are feeling. As you said, they gotta stop sticking to a balance schedule, and balance according to what is desired.
For example, the latest keystone changes on PBE blew my mind. There's literally no reason (or desire) for them to do what they're doing to Warlords bloodlust and bond of stone. I hadn't heard anyone out of my friends or the boards complain about those two masteries for quite some time, and their suggested fixes are weird and convoluted. Meanwhile, they continue to ignore the issues that seem to be brought up on a weekly basis.
Once upon a time League of Legends was a game of organized chaos where anything was possible. Now it's a clockwork Wizard of Oz charade being engineered by a man behind a curtain. Choice is an illusion in this game, and that's by design. Recent hot topics should be illuminating this to anyone who hasn't figured it out yet.
Probably the best analogy I've read about this. The people at Riot aren't idiots. They're sneaky to some degree. They know the game unlike any players do, and if the players can see the consequences of the changes they make, then we would be fools not to assume that Riot does too.
It's almost like traffic signs. Traffic signs don't enforce whether you follow them (The police do), but they sure push everyone in the intended direction. Obviously, the the police is the community, and the traffic signs are Riot.
The last thing I'll say is if Riot justifies the changes as preventing staleness, then why are they so insistent on removing game modes like Dominion, Draft, etc.