This is what has always bugged me. I'm no longer an active LoL player, but I love watching games through spectator mode. Whenever there is a major event, the ads replace the "spectate" window and the only option that's left is to visit Twitch. However, I'm not interested in watching streamers play the game: I dislike the culture and the atmosphere – instead of freely overseeing champions brawl in the lush forests of the Rift, I am forced into the streamer's point of view as commercials and obnoxious subscription announcements fly around.
For comparison, DotA 2 even provides paid season passes for selected tournaments, aside from letting you spectate public matches all year round.
TL;DR Let people use spectator mode all year round, Twitch isn't a catch-all.