Good lore is when characters are fleshed out, they have more than a few stories about them and you know what makes them tick. At the same time the world has to be dinymaic, changing, things should be happening, but they should make sense, and make the characters interact with each other and meet each other. In this way the characters could develop on their adventures, change, make relationships.
Becaue what riot has built now. Is a few non related stories in a big world that we know very little about, the world is not dynamic it doesnt change a lot. Characters do not interact with each other, also we dont even know why they are fighting and why they are fighting since IOW was removed.