Why is this considered balanced?
The auto-attackers that use it have to, well, auto-attack to make use of that damage. Which means sticking within 500~650 range of an opponent, well within the range of, well, anything that actually has range. Skillshots, point-click nukes, gap-closers. You're putting yourself in a lot of danger to deliver that damage, and you have to constantly be exposed to those dangers to unleash a solid chunk of on-hit damage.
Compare that to burst damage. With massive AD or AP scaling skills, you spend mana for the privilege of front-loading ~6 seconds of damage in the span of 1 second. While the auto-attackers have to stick to a target and remain in a dangerous zone, you only need to expose yourself to danger for a single second before backing off to a safer location. Or not expose yourself to danger at all, in the case of champions like Lux and Ziggs. Which means CC has to lock you down for the entire journey of 100% to 0% if it's actually going to impact your 6 seconds of damage at all, where stunning an auto-attacker for, say, 2 seconds will cut their 6 seconds of damage down to exactly 4 seconds of damage.
Also - auto-attack damage is very late game in most cases. 1 major item in it's still kind of weak, especially if it's just The Bloodthirster for auto-attacking. Infinity Edge offers a reasonable power spike, but ususally you need to be 2 major items in to really cause some damage with auto-attacks and be a big factor as a dedicated auto-attacker.
Alternativly, with 1 major item like Rabadon's, Lich Bane, or, well, Bloothrister for the bursty AD champions - you do hit a pretty solid power spike from 1 item alone.
Anyways - caster-heavy marksman have been the meta marksman for 3 seasons running, and Lucian was making a very strong case for caster-heavy marksman being the name of the game for a 4th season. Corki was the #2 marksman for seasons 1, 2, and 3, with Graves making a solid showing in 2 and Ezreal a dominant showing in 2 and 3.
Which, reading what I wrote about the pros of burst and cons of sustained damage, makes a lot of sense. They're low-risk play style, strong early game, and solid early game power make them pretty difficult to compete with as a dedicated auto-attacker. Dedicated auto-attackers just didn't have a lot of compelling reasons to be chosen - prior to Kingblade's current shift, Kingblade itself was used better by bursty champions through it's active (like Zed), then dedicated auto-attackers with it's on-hit.
So, Kingblade's current state is fairly balanced for a few reaons:
- it offers dedicated auto-attack champions a solid power spike early game to keep up with lower-risk champions.
- it offers that power spike in such a way that doesn't send there end-game out of control. The %HP damage doesn't increase what you get out of AD or Crit.
- it encourages the class defined by auto-attacking to actually auto-attack things.