I don't think anyone, including people who are severely against the retcon such as myself and CupcakeTrap, ever said anything about the old lore being objectively good. It erred more on the side of "so bad it's awesome". It has a whole lot of goofy moments and it provides this platform for peaceful political resolutions, except everyone ever is a super-influential powerhouse so it's not that platform can do anything to hold them back. Most importantly, it provided an excellent reason for all characters in the cast to interact with each other regardless of where they lived in the world and how they connected to each other.
It was Game of Thrones by the way of Saturday morning cartoons. That's what made it great.
The new lore... I guess it's trying to be super-serious grimdark heroic fantasy? IDK maybe I'll figure it out whenever Rek'sai, Gnar and Kalista get actual lore instead of a bunch of lazy foreshadowings, Rek'sai's lore descriptions of Shurima stop contradicting Sivir and Azir's lore of Shurima, and whenever they make a half-hearted attempt at rebooting everyone and forcing them into factions.
What I'm saying is, if I'm going to go watch something bad, I'd rather watch The Room or the 1980's run of Teenage Mutant Ninja Turtles. Instead Riot replaced my tickets with something that is firmly in-between Michael Bay's Transformers and Cutthroat Island.
The old lore was so bad it was awesome. The new lore is alternatively boring and terrible, but with a bunch of noisy special effects that try to conceal it. Guess which one we would rather have.