From a story-telling point, the old lore had their problems.
You talk about conflicts - but the summoners were so powerful, that they would resolve every conflict before it happens, which is not good story telling.
Not consider if we still had the Institute of War we could not have champions like Bard, Aurelion Sol or Kindred, since their power level is even higher.
Every champion was forced to has a connection to the Institute of War, nowadays the champion are allowed to exist to tell their personal story. May it be that they are the key figure for the political circumstances of their region or just a person who still search for their place in the world.
I do miss the old lore sometimes. I do miss some old characters, since not every update was a success (I look at your Mt Targon). But if you compare for example the old and new Demacia, their story teling improved so much.