Custom Skins: Should they be allowed?

I happened to come across this video of a discussion between League Youtubers RossBoomsocks and Brofesco, and a community custom skin designer (I didn't catch his name). The discussion revolves around a change that Riot will implement that will flag any account that has a custom skin for using third party programs, and keep any new custom skins from being made.

They shine a fairly negative light on the entire situation, however, in my own opinion, I can understand why Riot would want to do this.

Since League is such a competitive game, any changes to the game files that isn't made by Riot runs the extreme risk of giving that person an advantage, no matter how small the change may be. If there is a way for the community to change just the models of champions, who is to say that someone won't make something that will give them an advantage? Even in the video, they talked about someone making something that helped ADCs last hit minions. It was immediately taken down by the website moderators it was on, but that just goes to show that a website may have the best intentions, but any single person may not.

Anyway, I wanted to post this to see what other people may think. Feel free to discuss.