Without specific information, this makes Riot looks extremely incompetent in this regard.
Another similar example is with FFXV, previously known as Final Fantasy Versus XIII which was originally announced in 2006. The belief in 2006 was that production had begun simultaneously between FF13 and FFVs13 but in actuality FFVs13 began production much later with a smaller team. It wasn't actually until 2012 that Square finally began pulling resources into Versus which had been renamed FFXV.
During the 2006-2009 period, there was pretty rampant speculation of problems and issues going on behind the scenes.
They turned out to be fairly accurate.
Companies are not infallible and sometimes poor planning, execution, and management does occur. This is, in my opinion, Riot's greatest failing as a company aside from the growing corporate and legal-allergy attitude: the sheer neglect of lore. At this point, it'd be best if they just come out and say it and give a solid time table for when they expect things to be finished instead of hiding behind tech issue excuses.
Because unless they announce their attentions and timeline, there's going to be complaining up to and probably well until a sizable amount of lore has been produced.
Adding to that, I still think the idea of tying lore releases to champion releases or events is stupid.