As someone who has also been around for quite some time (early 2010) I can't really say I have had the same experience as you. It may be perhaps just a difference in perspective but I do think all sides sharing their feedback can be valuable so I'll just leave some scatted thoughts and specific points I want to make to reflect more how others with a more optimistic look about League might think about the game and its growth.
The "Faker, what was that?!" play you touch on was definitely one of the nail biting plays to watch back in the day, especially if you had the pleasure of watching it live. In addition to this, plays like the original Xpeke backdoor or Doublelift tearing up Korea before being banned from competing, it was always super exciting to watch and I remember all my friends watching the VODs of those games and discussing who their favorite players are etc. The thing is that these types of plays still occur, just at a lower rate.
I do not believe this is purely a result of a balance decision, but rather just a natural consequence of Esports, specifically League of Legends, maturing and growing with a more stable infrastructure. Back in those days, it was more about the hype, the trash talk and the rush of making that crazy outplay. A lot of teams had players that had lone wolf mentalities (Think the Doublelift solo pushing bot meme) - As a result, there was usually more skirmishing, people getting caught out and more tendency for those types of plays to happen. Flash Madlife hooks were always one of my personal favorites to watch.
Due to the growth and maturing of the scene I mentioned earlier however it became more common for teams to play more calculated, less aggressive and coordinating as one solid unit. As teams slowly shifted to emulate these strategies, the focus was more about finding the most efficient way to defeat your opponent while maintaining little weakness. As more money came into the scene along with teams finding investments, those lone wolf types of plays became too risky to allow in every game as you could potentially throw away thousands of dollars for your team if things go south, whereas before the consequences weren't really as dire.
As a result of this, we saw some crazy metas over the years like Runeglave Ezreal, Cinderhulk Smite top lane and boring lane swapperinos in every game. Even if sometimes the competitive scene focused on boring methods of playing, I really don't blame them. they have a fiduciary responsibility to their team, investors and the future of the industry as a whole to think of instead of just LC$ Big Play$. So now that I've mentioned my thoughts about the Esports scene and how it plays a role in this perception of Riot, let me now focus more on the Riot side.
Overall Riot Games has exceeded my expectations in terms of game balance and taking care of the games health overall. Sure there are things that I have gripes with, but overall I have never found myself not enjoying the game. From my perspective Riot has been very involved in preserving League of Legends as a game and a legitimate Esport as a long-term, healthy game that hopefully has decades more history to build on.
Although Riot does have a direct influence on competitive play through balance changes, so far a good majority of their overall changes for the game have been healthy for the long term.There are obviously some things they have made mistakes on, and things that have became memes, but the thing with Riot is that they don't run away from the memes, they run head first busting the memes.
For the first few years of my experience playing with League of Legends Riot continuously delivered new and interesting champions and events while at the same time revamping a lot of really old art assets back before they even had a fully fleshed out art team, they fixed abilities & items that today just seem absurd (Like Twisted Fate having a global teleport at level 1 LOL) - Although I admittedly loved using the oldschool cheese builds and strategies, they definitely were not healthy for the competitive integrity of the game. AP Master Yi was a great example of this. It was immensely fun, but also felt very cheap and unfun to play against. I applaud Riot for making difficult decisions like bringing him to a more balanced state (although feral flare would be a spicy item for Yi shortly after) that would upset quite a few players knowing it will be beneficial in the long-term.
Riot won't always be perfect in execution of the live product, but you bet your ass there is always countless hours of time, dedication and blood, sweat and tears behind a lot of the changes over the years. There was always that saying that stuck with me about Riot in the early days, about building the plane mid flight. I like to think of Riot as having successfully saved the plan from crashing after building it mid flight, but then as things became stable enough, they shifted focus on structural integrity, longevity and overall health of the plane to ensure it can go on many more flights afterwards without crashing.
As a developer, I know how frustrating it is to make a change, or try and explain something to somebody who just simply does not have the knowledge or experience as you do about your own product. It can be incredibly difficult and seemingly impossible sometimes to convey to someone that a change is necessary because it's beneficial overall, but may be negative in the short term. I really feel for the individual Rioters who have to cope with this reality where they probably want to tell you guys a lot of really awesome things, or discuss game balance in a very detailed, nuanced and high level fashion, but are unfortunately not able due to that fundamental disconnect that some players have.
It's incredibly difficult to walk into a thread about balance when someone has declared your product dead, states specific people should be fired, or implying in any way that Riot as a whole doesn't care. Having to navigate that when sure, some points are valid of course, there is usually disingenuous statements generalizing a specific team or person is likely incredibly intimidating and difficult for most people to do flawlessly. Because the last thing they want to do is make the perception worse.
When I see this type of rhetoric, it upsets me, because every Rioter I have had the pleasure of interacting with over the years cares deeply about this game, so much so that some are willing to uproot their entire lives, interact with the community in their off time, leave family and their homes behind to come be a part of something amazing, to build something that generations of players can hopefully enjoy for decades to come. Even when I awkwardly stumbled into the Riot office to have lunch with one of the Ritos, I could see the passion in people in how they conducted themselves, walked and talked about the game and their environment.
Riot has made mistakes sure, as with any gaming company, but overall I'm happy with the direction of League of Legends and the amount of effort Riot has put into all avenues of their games. I can appreciate the focus on structure and longevity, even if it hurts user perception in the long term (see worlds budget cut meme) as a result I don't feel like League of Legends is all that stale, or has lost any heart at all. If anything I see a community that is stronger, albeit more cynical sometimes, still a great community to be a part of and I look forward to many years of League of Legends to come
-From The Cosmos