Now that I think about it, this would be an interesting ability.
A couple months ago I made a champion concept called "Windows 98" in jest. However, one of the abilities I actually really thought would be interesting if it was implemented into the game. It went something like this.
For a short time, all items, status effects, and scalings from all champions within X range are removed, forcing all nearby champions (friend and foe) to use only base damages/defenses for any auto attacks and abilites. Champions that walk out of range regain all items and stats.
Thoughts?