I don't understand. This rune has been like this ever since the new runes were introduced, and it is now a problem?
From reading all those complaints, it sounds like it is less of a problem with Electrocute itself, and more with the insane damage creep that this game has been having. But that isn't a new problem (ever since the old masteries were introduced, we have been having more and more damage creep).
With that said... Electrocute may add to the damage creep, but it isn't the sole problem, if it is a problem at all. This rune is meant to be something that champions use when they want to burst someone in one combo. In the long run, Arcane Comet and even Aerys outdamage it. But they can't compare to the sheer power of Electrocute in a single fight or combo.
If it is a problem now, it is because of this ridiculous early game oriented meta where snowball is incredibly strong and games don't last long.