Just a few issues with your post:
"Matchmaking is rigged to force an equilibrium win/loss rate because their wasting time creating useless champions because they got more money than sense *cough* Bard *cough*"
The team who works on champions doesn't work on matchmaking...
"The only time they bring out new champions is when random people at the office has an idea for a new champion and they run with it because they pretty much covered every conceivable champion idea already. "
Um if they did this there wouldn't be proof that ideas have been months old and we wouldn't have the animation shorts and most of the new champions are unique and amazing.
"Meanwhile they do nothing about the toxicity in the community, other than pay lip service and transfer it to an arbitrary automated system that punishes you based on tallied reports at the end of each financial year or bans you based on afk reports."
Except they actually do do things related to this such as the fact that Lyte has said the new tribunal is in the works and that they recently implemented better reform cards and toxicity punishments in the major.
"LoL is indicative to what happens when a Free2Play game gets popular, there is only one barrier toxic people understand, that is of an impact to their wallet. Ban someone for being toxic and then they have to pay money to make a new account, they will feel less inclined to keep doing it after the 5th time doing it."
Banning people for being toxic is what you would do with someone who's toxic... and if you don't want to spend your money on cosmetics again then don't get banned, they don't ban people for money
"They intentionally made the hard to play champions "better" than other champions simply so the pro players can stomp normal players."
I put this last because this doesn't happen. They don't make people who are good special champs to stomp bad people. If your good then you can play a new champ just as good you do any other and if someones bad of-course they are going to get rekt against a pro...
Don't want this to become some flame war but you should really look into LoL more since the last time you played it.