First of all, the current lore is not connected to the game on any level which makes its existence questionable. Not many people seem to care about it, not to mention most players are not up to date in this field at all. Riot said several times they do not want to rush making a movie so the lore is just there for no reason.
It is also very inconsistent. The most checked pieces are obviously the cinematics so lets say a new league player watches 'A new dawn' and 'Awaken' afterwards. He will have no idea what is going on but he may grow to like a champ's design. So he finds out about the universe website and checks the champion lore. He will read vastly different things from what he has just seen. Also some champions in lore and in game have two separate personalities. In-game quotes often dont make sense in the lore
Too many elements get retconned or changed up in general. Riot says they just turn back the clock for characters for now and that we need to see what will happen next but honestly whats the proof anything will happen at all? There are 140 characters in the game and with riots current pace theres no way we get progress in a way that would satisfy or draw in most players. The changes also alienate the older audiences and I dont see a sudden growth in new lore fans either.
The lore itself is not at all that interesting or good to be worth following. There are several inconsistencies, contradictions. The set up is rather boring and many individual champion stories seem to lack the essence they had before. Way too many things are stuffed into the world to make a coherent whole. Rioters seem to be quite proud of the stories they write but if you have read a proper book in your life you probably wont be amazed by their work.
I think riot should have just rewritten the bad pieces of old lore and give us champion interactions. I feel that wouldnt have been an impossible mission and that would be more than enough lore for a moba