First of all, it is just words. It just so happens that so many players (like yourself who have this 'victimization' complex) have been complaining, threatening suicide (not exaggerating), and/or straight up harassing Riot over verbal issues so much they changed their policies.
Slowly but surely, every time we've been re-signing the terms of service agreements in between patches, less and less verbal communication is being allowed other than overly positive phrases (because they can hardly be misconstrued as negative).
This isn't because Riot agrees with you morally This is like when children bicker over a toy so much the parent just takes the toy away.
For example, Korean Servers aren't nearly as harsh over what words are used. As Cowsep has shown recently, the list of what you "can't say to others" is only 1 word long.
What does it say that the entire Korean server is functioning fine with a mute and only 1 bannable word? What does it say that their focus is on actual player behavior like inting and trolling?
It means that in our culture victimization and social righteousness have become just as much a trend as the realities they were inspired by. Whining about how people hurt your feelings in a video game is now evidence of "abuse".
To be clear, I'm not saying there isn't ridiculous, over the top rageful vulgarity being spewed. You're right there are a lot of petty, infuriatingly shallow individuals who do just want to make you feel bad. I also agree that a person who only gets on the game to type paragraph after paragraph game after game is in a way trolling and not really playing. Therefore I don't disagree with chat punishments and such.
However it is sad that language has become soooooo policed that banter with the enemy isn't allowed and cracking jokes is risky. I could've been playing this game since launch and all it takes is a "GG EZ" to get penalized. Also there are still the people like yourself, who've allowed such emotional attachment to anonymous insults you've actually used the word "victimization" in relation to a video game.