It's hard to nerf Leblanc without making her bad
because of the way her kit is designed. All of it is damage and ways to apply damage tied to mobility and CC. All of it. It's impossible to nerf one part of her kit without making the rest of it terrible.
However what we can do is take away unnecessary power from her. Her Distortion's hitbox is just way too wide right now. It deals damage in an AoE similar to Katarina's spin move (Sinister Blades.) That's a pretty huge PBAoE considering it's also a mobility spell that deals damage that is also able to proc extra damage. The hitbox needs to be normalized. It's way too outrageous right now.
And now her chain hitbox as well. It's way too thick. It also has some kind of strange design flaw that most old skillshots have in which, if aimed diagonally across the map, they are significantly easier to hit for some odd reason (same with Lee Sin Q and a few others.) In addition to this, it also hits when you clearly move out of the way, and misses when it's supposed to hit you dead-on (SKT vs. CJ anyone?)
There's no good way to remove her power because of the way her kit is designed. However, with that said, she's not in dire need of a rework. But what we can do right now is remove this extreme reliability in her damage application via overly forgiving hitboxes.
Reduce Distortion AoE and Chain Hitbox and we should be okay.
Also check out the General Discussion version of this thread. There's a lot of good discussion in it.
PROUD EDIT: Meddler is taking each of my ideas into consideration as well as possibly implementing his own idea with a reduction of her Distortion's travel speed (which I was also thinking about but didn't feel would be very impactful)
Yup, Le Blanc's got some problems. We're doing some work on her at the moment as a result, looking at reducing some mixture of her E's width, her W's travel speed and W's AOE size (unlikely to be all of those at once though). Our goal's to make it easier to react to her casts, whether that's dodging W or E, CCing her as she comes in with W, using defensive abilities on yourself/allies as she W's in or whatever.
's hitboxes would likely help make her easier to read, and would punish her a bit harder for launching her abilities willy-nilly in melee range, but I don't think that would really get to the heart of what makes her so highly banned and disliked right now: in the end, Leblanc's main problem is that she can dive her target from massive ranges near-instantly, launch her full burst at them while only giving them minimal time to react, and retreat just as easily. There's a lot of stuff about her that's pretty cool, like her deception and juking power, but in the end she's never going to be healthy if she can just keep on unloading her full burst without too much input from her target. Making her spell hitboxes less generous would make her burst more difficult to land, but at higher levels people would still ban Leblanc because players who've mastered her would still be able to land all of those spells with similar levels of reliability.