Honest question: Does it matter if a champion is gay?
Okay easily misunderstandable title, let's go touch on the Varus fiasco going on right now.
At what point in Varus' story is it relevant that Kai and Valmar are gay? Heck, at what point do we need two people to create Varus' new body. Kayn did it with one. Is there a particular conflict introduced? Not really. Can Varus' story be copy pasta'd with the exclusion of Valmar and Kai's relationship (or even the exclusion of either Valmar or Kai) and have the exact same story? Looks like it.
Ignoring the fact that this totally unhinges Varus' old lore and any fans of that version, I'm more concerned about why this was done and what goal was it meant to achieve. If for example, one of the lovers was taken over and Varus had to deal with the other one one way or another, this could lead to an actual conflict that arises as a direct result of that relationship. One that doesn't necessitate sexuality in particular, but one that works because of an existing relationship. There seems to be some hints of fighting for control within Varus, but neither Kai nor Valmar (nor Kai AND Valmar) put up a particular fight against Varus or sway Varus in any particular way. At best Varus just tells them to shut up and deal while he goes slaughter some humans. At no point in this story does the relationship feel relevant.
There are ways to make relationships relevant to the story. Nasus, the scholarly character he is, planning out strategies and war plans for his more aggressive brother, is a dynamic that works. Nasus, the older brother, nearly coming to blows with his hot headed little brother, is a dynamic that works. Nasus' and Renekton's lore is amazing because it carries the dichotomy of their gameplay and character and uses their relationship to bridge between the two of them a logical and compelling narrative. Where are these dynamics in Valmar and Kai?
Moving forward, this is going to be what I'll look out for in these stories. There are ways to approach LGBT story telling and there are ways to write an LGBT fanfiction. Right now, Varus' lore just feels like it's missing something. Something relevant.