Spirit of the Elder Lizard lacks a reason to keep it late-game due to Essence Reaver
Everything SotEL does, Essence Reaver does better, except for anti-monster (but by late-game, jungle monsters are pushovers anyways). More AD, gives lifesteal, gives CDR, and restores mana on your attacks.
This leaves no reason to keep SotEL late-game, unlike SotAG, which improves the efficiency of items like Warmog's Armor.
I take it Riot probably won't address this, though, so...