Well before it was useless cause it offered no crit...now it is mandatory and often gets rushed as first item. Imo it should be a situational item but right now both the passive and its raw stats are too good.
The item is 110% gold efficient without its passive, that is alot compared to the other AS/Crit items:
Statikk Shiv is 87% gold efficient without its passive and I think Hurricane's passive is better
Rapid Firecannon is 86% gold efficient without its passive which seems fair as a single item because the passive is very powerful but when you compare it to Hurricane it is not worth it.
Phantom Dancer is 99% gold efficient without its passives but it has 2 passives and imo is a better item than Hurricane. The problem is only adcs with lots of Waveclear like SIvir can afford to build PD over Runaan's.
All 4 items give 30% crit chance but PD gives 45% Attack speed, Runaans gives 40%, Shiv 35% and RFC only 30%. PD being the best dps item makes sense because it offers no waveclear (even thoug the dmg reduction passive is broken imo) but why does Runaans get more Attack Speed than the other 2?
It already gives superior waveclear and the AoE dmg is super valuable in teamfights.
Imo Riot should nerf Runaan's Attack Speed to 30% so adcs actually have to think whether they want the waveclear and aoe passive instead of just buying it in general because the stats are better anyway.