Lol's Modern E-sports philosophy has ruined this community by creating a coddled and whiny generation of gamers who complain about everything. The knee-jerk nerfing/buffing to create a "competitively balanced" game is a joke. This game is no more balanced now than it was 3 years ago. The only reason all this balancing goes on is to _keep the game fresh_ for the young majority of gamers with no attention span. The competitive response to the constantly changing game is the complete lack of a stable meta game. A given meta is never allowed to be built upon or perfected for more than a few months before it is torn down and rebuilt by balance overhauls.
Take a look at SSBM. This game has probably the richest, most diverse, and most complicated competitive meta of any game ever made. That's not an exaggeration, and guess what? Its creator doesn't give a fuck about it. This game has been the same since 2001, which is arguably why it has such a thriving meta game and competitive scene. The lack of knee-jerk balancing lets the game's strategy organically grow and build upon itself, rather than pandering to the majorities immediate complaints.
So, don't be fooled, all of this change does nothing for the actual competitive nature of the game, it just panders to the short of attention span and encourages people to spend money on the game by helping them get the newest and best stuff for the current meta. I'm not saying that it's necessary to spend money to adapt to the meta, but I am saying that without a constantly changing of the meta, this game wouldn't make nearly as much money. Fluctuations in who and what is good causes people to constantly have to change, and if they don't have enough IP to keep up, there's only one way to adapt.
**TL;DR: the LoL E-sport philosophy of knee-jerk buffs/nerfs is more about money than it is about actual quality gameplay.**