It's about money brah, nothing else. The better solution, compared to what exists now, would be sending naughty accounts to Jail. When you get banned now, you start up new account, have to play some unranked games, have to level your runes, play some cpu games, etc. Even when people are terribly toxic in this game, it's usually the result of having played this game enough to become toxic because Riot doesn't really do anything about it. It's not justifiable, but understandable. Also, when get banned and start new account, you just have less respect for whole Riot system, and become less likely to become 'positive player.'
When you misbehave, Riot should send back to go to relearn how to play properly instead of closing account. Send players to digital jail. Undo all the checkmarks they needed to play in ranked and ideally even blind. Make them play cpu after boring cpu game to get account unlocked again. Not time so it can be waited out. Not closure that can be bipassed. People are attached to their account names, skins, etc. One, or maybe even one plus extended stay through cpu games would convince most to chill the F out.
Almost exactly what happens now, except these people wouldn't be on second accounts ruining game for new players.