When you can talk about the various nations and identities within thrm as being distinctive, how they interact, the conflicts between them and why those conflicts wax and wane, that is when you have the whole of the nation, and then, as you understand them and they interact, of the larger world.
We haven't built all that, that's true. We're first building clarity in various identities and cultures, and showing some friction when they interact. Nation vs. Nation conflicts and relationships are certainly in our plans (we've already made clear that Noxus vs. Ionia is still a major historical event, it's just we still have a number of elements of both of those 'cultures' (because they themselves contain a variety of sub-cultures) to really make those similarities and wild differences clear.
When the context is clear, things matter more. Sometimes we can do that within the events themselves, sometimes we need to create understanding first.
Until then, it won't be as powerful without the full context. Until you understand what Noxus is and what Ionia is (even from a general characteristic standpoint, and preferably as represented by clear, reosnant characters with their own motivations) the story of various conflicts between those nations won't matter as much.
Will there be overarcing stories that give a certain element of united purpose, or involve a large group of nations? Absolutely.
But there will also be stories about the growth and conflict within nations, within families, within relationships, and within individuals.
We want to do all those kinds of stories, and we're building to them. We just can't do them all at once, and often for very good reasons that will improve the quality and resonance of those events when we do them.