I do not like how anything and everything just vaporizes the instance you get near anyone on the enemy team, even tanks are dealing too much damage.
The best way to fix the current issue is remove armour, magic resistance, magic penetration of all kinds, lethality, armour shred, magic resistance shred, and armour penetration of all kinds.
In replace to the system, you give everyone a lot more base health. This adds more clarity to everyone as the damage their spells read is how much it is doing and % health damage is accurately doing what it is doing.
Now, you may ask yourself, 'What is the point to physical and magical damage split if everything is dealing true damage and true damage loses its purpose as well?' Well the substitute to the system is simply defensive items display how much % physical damage or % magical damage it is reducing rather than be a flat value, adjusted with each item and its cost of course, and more than likely have a hard cap for each value so players do not become immortal (let's say 60% is the hard cap for each stat - with damage reduction abilities an absolute hard cap of 90% or something) and true damage serving its purpose as always and be more clear of what it is doing - less damage, but ignores the physical and magical defense buffing items, making its identity clear as a late game value and against tanks that actually build these defensive items.
In other words, it makes tanks, well tanks with very high defenses and always relevant, but extremely low damage. While squishies remain squishy for their damage output, but no longer instantly die thanks to the massive increase to health pools and removed exploits of penetration stacking (assassins will receive new and more interesting effects to compensate, perhaps passive and/or actives on assassin items that deal bonus damage based on base health - makes it not oppressive early and still scale into the game somewhat, effective at killing the targets it is meant to kill).
Games like Xenoblade Chronicles 2 has shown me that targets dying slower - and League of Legends has RPG elements in it so it applies somewhat - is more fun and satisfying from a gameplay level since you can use everything the game offers you to use, and when you over level and are too strong for that enemy then it is not as fun or satisfying since you two to one shot it and cannot use the fun elements to the combat system - plus showcases your skill better and successful attacks and abilities chaining just feels so good to use.
So yea, I do think making everyone tankier and not instantly die will make the game more fun overall and it will make tanks proper tanks again. They can absorb a shit ton of damage, but appropriately are not being slightly beefier versions of a ranged mage or marksman, very high defense for very low damage output - relying on their survivability and/or crowd control to get kills or allow their team to get kills.
The internet has too much whining and complaining lately with no feedback to actually help or improve on something. So I rather give suggestions to help the game be better for the future than call this a trash game, whine and complain, and say I will boycott it and never play it again until it is fixed (to be fair, I don't really want to play at the moment, I just wanted to play a few games as Neeko and new Nunu+Willump since I have not played them, they are very fun as support and I love their designs and personalities - further reworks and new champions need to go along these designs because it is the magic I want League to have since Runeterra is supposed to be the fantasy and magical world, and Neeko and Nunu+Willump really showcases this!)
Correction on one thing, I do want to play League of Legends because there are fun champions in the game - but then there are those that sap the fun for their presence like Draven, Caitlyn, Tristana, Lucian, Fizz, Yasuo, Riven, etc. - but the way the game is right now just makes it not fun, the high burst damage and instant deaths (does not matter if you play as a tank, you die almost just as fast) just makes the game not fun to play and removes the strategy of the game to winning teamfights and trying to coordinate to kill someone since everything just dies so quickly regardless.
So I will stay connected since I been here since season 1, but not really be playing or playing at all for the time being until the game overall is fun again and mobile champions and the super frustrating champions have properly been dealt with in some form (reworks, even if their numbers were gutted they still would not be fun to play against and destroy the fun of the game, so reworking them is the only answer with a focus of making them not draining the fun out of the game when playing against them).
Hope you all have a good day!
LOVE AND PEACE!!