What if instead of decreasing damage...
We just gave everyone across the board more armor and magic resist at the beginning of the game? Not a huge amount, but even like 4-5 more armor and magic resist would be huge.
Essentially replacing the old armor seals and magic resist glyphs by adding it into base stats rather than simply not having any or requiring everyone to take bone plating/chrysalis.
or a high scaling damage item
in that you dont want to stack hp any way because of the littering of % current and max hp damage. Ranged champions and mobile champions specifically dont needs more defenses but rather less and damage can then be lowered so that they still dont get one shot and that % health damage also be lowered on certain sources. if Squishies arent one shot then tanks dont get one shot and bruisers dont get one shot and can then fight tanks in drawn out fights again.