What warrants a ban?

Hello League of Legends community I am a Diamond player from NA. I was recently playing a normals game during which I said %%%%%%%%%%% Bing Bong. I said it as a joke to my friend that was in the game. However the other team, another premade, told me they were all reporting me and at the end of the game I received a two week ban despite getting an honor at the end of the game by a random person. I am wondering if you all think this is a fair punishment because, for saying this thing one time, the following happens:

1. Can't play for two weeks.
2. Lose my diamond border and icon I have spent a year working towards.
3. Lose victorious Graves as well as the chromas and ward skins.
4. Go from honor level 5 to 0 losing a massive amount of honor capsules and key fragments.
5. If I get reported again I can easily be permanently banned.

All of this does not seem like a reasonable punishment for saying, what in my opinion is, a slightly offensive thing. However, I understand that I am biased and could be wrong so I am curious what you all think. I have attached the chat log and would love to have a discussion with anyone about this topic. In the next paragraph I will give a brief explanation why I think this is uncalled for.

So my main argument is that, since I have not been punished before, this has to be considered hate speech as that is the only way to get a 2 week ban from nothing. However, what I said was not directed towards anyone and I didn't say it as a result of someone playing poorly or anything like that. So, this means that the words themselves have to considered hate speech. However, Riot has essentially told us what words are okay to use and what are not, this is through the automatic censor that is the game. Words like the N-word or the F-word are censored but %%%%%%%%%%% Bing Bong are not. This leaves me to assume that Riot is okay with these words and views them as non-offensive. Furthermore, the summoner with the N-word as his name, was clearly banned because of it as he has no games played recently. But, the person with the summoner name %%%%%%%%%%% is still actively playing. This tells me that those are okay words to use. But again I am biased and understand I could be wrong.

And I would like to just put this in that I have come to understand that Riot support isn't going to care about the individual so, I am not looking for this ban to be revoked because that will never happen, I am just curious if others think it is fair or not. I think having some feedback will really help me move past this whole ordeal.

Edit: Thought I would just throw this in at the end, I put in a ticket to Riot support showing them this thread showing that the majority of the community thinks this is an unfair punishment. Also I reached out to one of the people who reported me and asked what he thought. He told me he was surprised that I got any punishment at all and said he was sorry for me. The support agent told me that none of that matters and the punishment stays, even though both the community and the people who reported me are on my side. Whatever, Riot support again showing that they don't care about the player in any way, thanks for any feed back on this thread, you all had way more constructive feedback to give than Riot support.