Hmm, something doesn't add up..
If Riot doesn't like racist or homophobic words, then why don't they just ban them from the game entirely? If someone types the word "%%%got" just replace it with "Pony" or some shit. I don't know. It wouldn't be hard to implement at all. With that being said, Riot is a shit company, and many many many many of us paying players agree. Get your shit together Riot.