Okay, maybe Blizzard isn't the best example because of how huge of a company it is (although last I checked Riot was in no danger of going underwater). Perhaps there's a smaller, just as new Moba made by a smaller company that we can use. You know, like Smite. A game that offers it's lowest tier skins (recolors) for both favor and gems, offers mastery based recolors for both favor and gems, and runs promotions that let players earn gems (from either logging in 7 days in a row or from special events like one this weekend where you got gems for each first win of the day).
So here we are, playing League, and Riot announces a series of "chroma" packs, which are glorified recolors. People look at these skins, look at other skins they put money into, and don't feel that it's comparable. They suggest tying into mastery or offering for ip. Whatever, right? People defending Riot claim that Riot's a business that needs to stay afloat, which really will only get you so far. Honestly, I would love for there to be a way to earn chroma packs, because I'm not interested in buying them. But I think one thing we can keep in mind is that you're getting three skins in one here (kinda 4, if you count the default). And while the skins don't look like they took a lot of effort, they probably took at least some effort. 590 RP for three low-level skins is probably a decent deal (that's what, 197 a skin?). Not bad. Not great, but not entirely ridiculous.
Are chroma packs worth as much as normal skins? Not even Riot thinks that. Is it worth 590 RP to get 3 skins for a single champion? Well, that's up to the players. For me, no. For you, maybe. Would it be awesome of Riot to allow us to earn these skins? Absolutely. But it's ultimately up to them if they want to.