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I was just talking about this with a friend earlier today. It's interesting to have witnessed Blizzard go from indie maker to #1 PC game studio to whatever you would describe them now. But the reasons for their downfall shouldn't be surprising, since you see similar in tech often:

Step 1: Lose core talent that made your company what it was (Blizzard North, Chris Metzen)

Step 2: Misalign incentives between shareholders and users (Arguably: Destroying the SCBW pro scene, Diablo mobile, RMAH, WarCraft Reforged's journey so far, etc.)

Step 3: Add time

For the younger generations, Riot Games is now to them what Blizzard Entertainment was to me when I was growing up. Hopefully Riot doesn't fall victim to the same issues, or perhaps these issues are inevitable for any company after a certain growth stage.