See... people say they want this, but if Riot does it... they'll OVER do it. Subtle nuance is lost with this kinda thing. You'll get a mincing, flamboyant drag queen or something and then people will be equally upset.
I'm down for a diverse cast too... but it seems REALLY hard for people to find a balance when writing things like that. Either the character will be so subtle in their sexuality that most people won't even notice it and then Riot will get accused of "hiding their gays" or they'll turn that shit to 11 and make it 90% of what the character is about... which will ALSO annoy people by seeming to cater to extreme stereotypes AND offend all the homophobic boys playing this game with how "aggressive" and up-front the character is about it. Not to mention the moral guardians will will cry that "kids play these games!".
Alternately, if they pull an Overwatch and just announce that "so and so character is gay/bi/trans" people will get on them TOO. People will call them spineless for not making it obvious in-game... even though there are PLENTY of people of people who don't wear a freaking pin that says "Totally gay/bi/trans" and go out of their way to play to stereotypes or push their sexuality into the spotlight. Despite this, the homophobes will STILL get up in arms as if it somehow affects the game or is pushing the "agenda" somehow.
It's hard to write this and not cause problems. It's sad that a lot of people/writers/companies are just plain unwilling to write issues of alternate sexuality into their lore just to avoid the drama on both sides. But I blame people for that in-general... not Riot specifically. I doubt the soulless corporate powers that ok all their choices actually care about the issue either way... they just wanna make money. So long as so many of league's markets are intolerant... they're going to seem intolerant too. Depressing, isn't it?
That said... head-canon IS a thing. I personally can't see Graves/TF as ANYTHING but a rugged, gay cowboy and his bisexual partner. Cait and Vi seem pretty "gay couple" to me too, for the girl-girl fans out there. It actually WAS said by the head cheese of decent writing himself that Diana has a girl-boner for Leona... who may respond in-kind... and Draven is clearly gay for himself.
It's there... you just gotta look REAL deep.