TL;DR: at bottom
I don't buy the argument that there are way too many broken OP champs, because if that was the case, bans wouldn't actually be an issue in the first place because I'd fight your OP with my OP and it would all be a moot point.
The real issue is that there still remains a priority of top bans (usually the really broken FotM champs at the time) and then there are bans that most players would like to make, usually for the sake of removing a strong lane counter or something that counters their team comp.
People got excited for 10 bans because they thought it meant they'd be able to ban away the OP champs that are just too good to leave alone and still have a couple bans to deal with their specific strategy and style. The way they've implemented the new ban system leaves you without any guarantee that the OPs are taken care of until it's too late, meaning you have to do one of a few things; risk facing a champ that is unfair to face regardless of your team comp or burn your ban on a FotM (not fun), leave the OPs unbanned in the hopes that you can pick it first (again leaving way too much to chance for most player's taste), or go ahead and ban what you want that specifically counters your champ/team comp and pray that you can outperform your opponent in the case they get one of the current OPs.
Now realistically those aren't terrible choices, but in terms of how it feels when strategizing and planning for the game ahead it is a major step in the wrong direction. It just sounds unfair, even if both teams are being treated equally, since it leaves a lot of the pick phase to dumb luck that you ban the right things and don't accidentally double ban everything.
That and it is a clearly inferior system to the one currently in use in the LCS, where it is instead a strategic and fair system instead of a potential clusterfuck of people accidentally double banning, dropping bans unintentionally, and not being able to tell what is going on clearly.
TL;DR: It's not about there being too many OPs to ban, it's about how awful the new ban system will feel, especially when compared to the clearly superior model of 10 bans used in pro play.