Why does Riot not punish players?

The League community is getting terrible and it's ruining the fun of the game. Why doesn't Riot do anything about people that get reported? I've had several games where just one player ruins all of the fun and it's getting to the point where it's almost every game. It seems like Riot doesn't even look at our reports, because some of the things people say are actually hurtful and crude. I think I speak for plenty of players when I say that more players should be punished (at least a slap on the wrist) because people know that they won't get punished and will just say and do more hurtful stuff.