Important things to note about runes when considering compensation.
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Runes are/were mandatory in competitive. You were at a hopeless disadvantage if you didn't have the basic runes (which is still 10s of thousands of IP), and you were still at a fairly large disadvantage if you didn't have the more niche runes such as mr/lvl for junglers.
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People who purchased runes were purchasing runes instead of champions. I would have loved to have 10+ 6300 IP champions to choose from for the past year but I got runes instead.
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IP boosts were primarily purchased for runes. The people who spent 60$ on stacking both IP boosts so they didn't have to play for 2 years to get the decent runes should not get fucked over. Obviously everyone's IP spent on runes is equally valuable, whether or not they purchased a boost, I'm just trying to make a point that real money was spent on runes and rune pages. They weren't free, so making the new rune system free and rationalizing bad compensation with the new system being "free" will not fly with us.
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Several runes were made useless with the lethality changes. I'm sure I'm in the minority, but I happened to get AR pen marks + quints and hybrid pen marks right before the lethality changes. I've used the AR pen runes once in pvp before I realized they were not viable. These should have been refunded with the lethality changes, but since it's too late for that, they should be considered before assuming players already got their value out of runes.
My point is, runes were a huge investment purchased at the expense of having a smaller champion roster. Making them free is great, but the fact of the matter is that people who bought tons of runes and rune pages will have effectively wasted RP and IP if they are not fairly compensated. If you're happy to get nothing, good for you, but you don't speak for everyone. I've still got plenty more champions and skins I need to purchase, so I'd like compensation worth at least half of what I've spent on runes, whether it's IP, RP, chests, whatever, all I'm asking is that it's fair.