I wouldn't say that, to be honest. I mean as of late we've gotten:
1.) Lore videos and events that haven't been previously attempted in scope.
2.) Short stories that, while available only on the boards right now, are actively being released.
3.) Actual releases that bring lots of content along with new champion/stories. (See: Sion's rebirth, Shurima, Kalista's pre-release, etc)
While I think it's odd that we're losing the lore paragraphs, let's try to compare the lore events (NOT player made) that happened before the retcon...
1.) Ionia vs. Noxus
2.) The Crystal Scar release
And...that's it. The journal of justice did some neat things but by-and-large it was mostly small, day-to-day jokes as opposed to canonical lore developments. Are there exceptions, of course. But most of the time it was more so "Yeah some stuff happened...now let's talk about TF farting in a bar"
I'm going to get really hated, but I prefer the direction it went even if it means losing the institute. As of now, we're getting more information about champions and more world-building that can be both silly and serious. And best of all (At least IMO) the quality has only been improving. Freljord was meh, Shurima was better but still working on it, Rebirth was god damn amazing and Rek'sai's logs were pretty damn fascinating.
Say what you will, but you can't just simply say "OH WELL NOTHING CHANGED AND NOTHING IS BEING DONE" because that's just wrong.