Speaking as a player who plays primarily assassins, including Zed, Yi, and Kha'zix, as well as almost never playing "tanks" (I build J4 for burst damage till item 3 and Swain is about as "frontline" as I get), I've always viewed this very much as a balance issue.
Last Whisper should not be "efficient" vs everyone, as people have brought up before. The problem is far deeper than just "Last Whisper/Void Staff OP", because all champions are balanced around this (IMO) flawed relationship of damage to tankiness, but I don't understand why this problem still exists.
Tank mains have complained for ages about Void Staff/Last Whisper being too efficient, yet we've gone several seasons since it first became a real topic of interest without any kind of rework to Defense vs Penetration (namely, IMO, the fact that %pen should be a niche buy and flat pen should be more readily available).
Yasuo's ult was, I thought, somewhat of a step in the right direction, but still. Very little progress.
Again, I'm speaking as an assassin main, who plays mostly AD caster-like characters. I think %pen items are too efficient, but just nerfing them would not solve the problem. A rework to the way pen vs defenses works is long overdue, as are changes to the availability of penetration items in the shop (More "worth buying" flat pen and less effective % pen).