I would say Flat Armor Pen may need to be looked at, but the items like 


are alright. BC doesn't apply all of its' reduction from the time you buy it, you have to stack it up; and the LW line affect Bonus Armor, which is undoubtedly much better for tanks than Total.
Flat ArPen runes and items might need some tweaks, sure, but I genuinely think the problem isn't so much with penetration items at all. Seems more like Riot needs to do a full pass on champion armor levels.
Since they've already started going down the route of bonus armor penetration, which I think is the right move since you can stack way more armor than MR, we now need to have some champion role and armor value consistency.
Go and look at the list I've linked.
Is there any particular reason Viktor, Swain and Cassiopeia have 90 Armor at level 18? Or have +4 Armor per level? Like...what?
Kennen, Teemo (both 24.3) and Soraka (23.4) start with 4-5 more Armor than Azir (19) and have more than a whole
by level 18; Kennen, Teemo, Soraka (88), Azir (70)
Why does Mord, a giant metal man, have 20 base while Talon has 26.8 in assassin's robes?
They've done a pass on mana regen before, and a small one on resistances when they adjusted Level 1 values not long ago. It is about damn time we got some stat consistency.