Backward Items and Glass Cannons

This has likely been brought up before, but I thought Id bring it up again to satisfy some of my itching curiosity.

Its come to my attention that people really enjoy new itemizations for champions and just new items to tinker with to break the mold of whats meta. With the release of new items usually comes a slew of balancing updates, smoothing out the kinks of the released items (Draktharr) and roughly 14,000 videos on the new items and possible build outcomes with new and old champions.

I dont know Riots approach towards adding items in the game, but I believe they like a bit of diversity. That was made clear to me with updates like the mage item update, the removal of DFG (rest in piece) and rework of several "must-buy" items such as Rylai's. So my question, finally, is has there ever been a time when Riot released, or dwelled on releasing an item that was a high strength item but at a cost elsewhere? A glass cannon of sort comes into my mind initially, such as +100 AD but -40% Attackspeed or -400HP, but it doesnt necessarily have to be glass. Even an item thats potentially +120 armor, -25 base AD, or +75 Armour and +75 Magic resist but -XXX HP. Almost like an item that gives you a huge boost, much higher than the average item, but at the cost of something else, albeit damage, resistance, speed, or even something obscure like +15% death timer.

The concept behind items like this has always been a bit intriguing to me, and with an introduction of this sort, you hugely expand itemization for champions as well as giving the enemy a chance to exploit the weakness provided by said item. Maybe even limiting it to 1 Glass Cannon item, or limiting the items so you cant buy an "Offense" GC item and then buy another GC item that is "Defense" to inhibit abuse.

Honestly I think it would be a fun idea whether it be on the rift or a Special Game Mode, but Im curious to know what thoughts other players have and hopefully insights on what Riot does/doesnt like about an idea like this.