Why the game and community have both lost their way
The game: No diversity. This is caused by both the design team releasing new champions which replace many other champions already on the roster and also the balance team who routinely make inexplicable and arbitrary choices regarding game balance issues.
The community: Toxic to the point of being radioactive. Constant infighting and bickering allows the Riot design/balance teams to never take the community seriously. The community is hypocritical, constantly calling for Riot to base the game around the skill level of the majority of players, while still embracing the fanboy culture of LCS (always picking champions played in LCS, another reason contributing to lack of diversity). The very word "meta" sickens me.
In short, I am glad I stopped playing about a month ago. I still read patch notes and the boards, and every time I do I am reminded of how much happier I am now than I would be if I was still playing.