Lich Bane is fine, it's just low ap and it depends on a champions play pattern. with its cost, its not efficient to buy it if you aren't going to weave in an auto in a combo. so ekko does this automatically. fizz does, kassadin already does. Twisted Fate as well.
but lets say on a champ like Lux. why don't you build it on her? in theory it would be perfect for her? but then you realize later in the game you never want to be in auto attack range on a champ like Lux ever so the item is wasted most of the time.
That said, it has the unique niche of helping ap champs push down towers a bit faster. that is probably its best use in champs who are not going to utilize it so much in team fights. if you are somehow managing to split push as a champ who wouldn't usually build lich bane, then building it might not be a bad idea. I once built Lich Bane on morgana simply because the enemy team was not addressing me as I split push and I was able to take towers noticeably faster because of it.