probably, because its a giant market. thats the sad part about this.
i wonder what the chinese government specifically wants from the game studios. this ban has probably been brought into effect to put pressure on blizzard, riot and other studios for some very specific purpose.
most of the reasons why this game is suddenly banned, have existed since the very beginning. league of legends is one of the 3 largest games in china for years. apparantly there was no problem with "females being exposed too much" or the toxicity of the chat in the past, nor loot boxes existing. so why now all of a sudden?
these chinese morality laws seem very inconsistent, open to interpretation and only being enforced when it seems suitable.
maybe the chinese government wants something specific from tencent who is chinas version of disney. they own basically everything, including all these 3 largest games.