imo rather than stuff like literal drawbacks such as reducing other stats, they should make items more specific rather than general, or very expensive, and there's also way too many items right now, so its incredibly easy to get whatever stats you want. you used to have to sacrifice damage for lots of cdr or attack speed, supports had to either get a lot of support items or be really tanky/deal solid damage, really powerful items like infinity edge were really expensive and took a long time to get. everything had some kind of drawback, be it sustain, damage, mana management, tankiness, etc. now though you can get stuff that gives you all sorts of great stats at relatively low costs and items have all these different unique actives and passives and interactions, honestly the old item system was totally fine just how it was, no changes necessary imo