Due to riven's extensive defensive benefits of off an offensive stat (AD based shield) she can snowball like the best of them. Combine that with, as you said, damage that gives damage from the passive and (imo) largely the ultimate's passive and you have a manaless caster that can get pentakills more easily than most champs in the game. This is all known and on my part, agreed with.
That being said, I also will say she has major weaknesses that are much more subtle than her glaringly obvious strengths.
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She is a caster, and therefore incredibly vulnerable to silences. No casts = no damage, no mobility, no shield.
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If she builds for her amazing snowballing ability (pure AD) she can burst hard, but is similarly vulnerable to burst herself. Coordination and a quick dispatch will eliminate her before she can contribute to the fight.
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She is a very light frontline due to 2), so unless the enemy team has a very tanky jungle and support their whole team is very vulnerable to an AOE heavy team.
What all of these have in common though is that most of these can be acted upon with teamwork and coordinated comps. In other words solo que and blinds get kinda shafted because Riven can stomp an inexperienced lane and then go on stomping because her easiest counterplays happen before the game starts. Unfortunately, Riot has a precedent of balancing towards pro-play so this will likely always be a problem just by the nature of blind picks and low-elo team comps