I really do not like this attitude of "I'm seeing X item Everywhere, therefore, it must be OP." Especially since people are only pointing to the frequency of the items appearance, and not the specifics of why such an item may be Oppressive, or OP.
For starters, who is exactly complaining about this item? Other ADC mains who think it's just a powerful first item? Tank mains who think's it's HP shred is too much? Both? In the former case, I don't expect to see much action since Riot pretty much stated that they intended to make it much better off early on. As for the tank issue, I have more condolences, as I find it crazy that the tank shredding passive, also applies LS. (No problem with the LS on the item itself)
Over all, BotRK does have a history of doing a bunch of things, as well as dragged a bunch of different directions. Personally, I point my finger at the %HP shred. It gives a Crazy amount of tank melting power on High AS champs. That HP shred also works as a base damage items on Bruisers, (alone, or paired with Trinity Force) And since that passive applies LS, it just gives you that much more dueling power.