You are mistaken. Riot has not directly addressed the current situation for the lore of League of Legends.
They made a dev blog which vaguely gave us an idea of the direction that they are trying to go in, without telling us anything definite except that summoners don't exist anymore, which was dumb. Also, as they removed the Institute of War, one of the defining faction of Runeterra, Riot didn't add anything to the lore to replace it, leaving Runeterra disconnected and undefined. Riot didn't retcon the lore, they just deleted it.
Here's my take from the infamous lore devblog:
**We heard a lot about the direction they aren't going in, but pretty much nothing about the direction they are going in!
**
To even call it a lore retcon is a bit of an understatement, since it suggests that the lore that was changed was at least replaced with something else...in many cases it wasn't. Poor Jax.
And still, after months of waiting, they have still failed to follow up the new lore in the website due to "tech issues".
LoL's lore, in my opinion, has deteriorated due to RIot's current lore direction!
(it was my understanding that they wanted to improve lore, but I could be mistaken. They may have just wanted to use less resources on it like you suggested before).
This may be a personal thing, but League of Legends seems to have lost its charm to me, especially since the League of Legends stopped existing within the game League of Legends.
That's just dumb.
I used to play this game all the time with my friends from high school, it was how we kept in touch. It really meant a lot to me.
But now, post retcon, the roleplaying aspect of this game has pretty much been destroyed.
I'd like to see it return to what it used to be.
It felt better for me as a player.