Streaks are the very definition of bad matchmaking.
If you're where you belong, because the game's matchmaking is so great, why the fuck would streaks ever happen?
If you go on a lose streak, it obviously means you were never meant to be there in the first place, because you were placed with players better than you, which by definition means the matchmaking sucks because it put you there. Conversely if you're on a win streak, it means it put you too low, which means it made a big fucking mistake and you're outclassing everyone around you. Neither of these are conducive to enjoyable gameplay. Whioh is what League is supposed to be. You know, a GAME?
A GOOD matchmaking system would have streaks be so rare, that they'd be nigh unnoticeable. If the matchmaking is so great and you really are where you belong, your match history SHOULD be a more or less random spattering of wins and losses.
A Rioter looking at the matchmaking and not noticing a problem would be like a road worker coming across a pothole, pouring the cement and missing the hole and creating a bump in the road, then standing back and saying "Yes, I've done a good job." And then expecting every single person who drives over that bump to say, "Yes, he did a good job."
The only possible reason for thinking this is OK is if you have a vested interested in the matchmaking staying insufferably broken. Or, I don't know, maybe if you're as dumb as a god damn rock.
And yes, in this regard, I am speaking to all of you who defend the matchmaking system. You are as smart as a rock.