Usually it doesn’t. Often it makes the situation worse. Riot has faced bad publicity recently and they are folding because of it. Diversity and inclusion are fine but you should never, ever prioritize them in a business. If you’re hiring the best people for the job without regard for race or gender, diversity should come about naturally. If it doesn’t, then it doesn’t matter because you have the best people you could get so your company is doing as good as it can be.
Crippling your hiring and changing your policies to support diversity and inclusion at the cost of talent or profit is bad for business. It just makes you look good. Who knows, we could be pleasantly surprised and the game could improve, but my money is on the game declining further or, more likely, going in a different direction due to a different vision from the more “diverse and inclusive” company that will turn off many players who fell in love with what league was.
Still, Riot has to save their asses from bad PR right now (even though most of their customers probably don’t care),