If you want to give me a chat restriction for 10-25 games that will legitimately hurt my chances at winning the game, no, that's not okay.
How does it hurt your chances of winning? You clearly weren't saying anything helpful or tactically-oriented, seeing as how you got the chat restriction in the first place.
Pings do not cover enough,
Again: how so? You have "Enemy Missing", which can be used to indicate absent enemies or point out potential enemy movement routes, or even potential enemy locations. "Danger!" can be used for a number of reasons (enemy inbound here, enemy on this objective, incoming siege, bad engage/break away, etc.)
"On The Way", "Assist Me", and "Warded" are all mostly self-explanatory; you can call for help on specific objectives or for a given fight, or if you've gotten caught-out, you can tell your allies where you're going or if you're on you way to rally to them, and of course, you can tell your teammates that certain bushes/avenues of entry are warded, so the enemy will see them coming.
And, of course, there's the "Be Careful" ping, which, while more annoying than "Danger" (thanks to its higher-pitched noise), can be used as a strict warning where "Danger!" would be a softer one.
Pings are versatile, and I think you're horrendously underestimating them. (that, or doing as most would by using "Enemy Missing" to BM your teammates for small mistakes.) Jokes aside, you really put too much stock in text chat.
Which, again; if you got a Chat Restriction, there are very high odds that you weren't using text chat for the betterment of your team's chances of success. Having that limitation on your chat is supposed to teach you to use it in a helpful/positive way, or to not use it at all.
And, honestly, if they did make it a 1-2 day ban, there would be way, way more complaint threads. If there are a lot of people complaining right now over 14-day bans and such, imagine how many people would get up in arms about being locked out of the game for two whole days because they dissed their Support.