reasons lol works:
social aspect
-each game start from scratch so you can play with your friends regardless of skillgap (on paper)
-you impress your friend with your rank
-you interact and "cooperate" with strangers to fill your loneliness. You get the feeling that you contributed to victory
-you flex your skills on others
game mechanics
-you get dopamine playing whack a mole
-it's a constant race against opponent to get resources, making all the minions you kill all the more meaningful
-the constant pace of powerspikes (leveling up and gaining items) which keeps you on your toes (Ah, i finally finished XYZ item/it's alright guys I reached my 0/10/0 powerspike/I'm lvl12 it's autowin/*Clang* feeding heartsteel addiction)
-you can knowledge check (mastering tactics better than your opponent like wave management or identifying correct windows of opportunities like if your lane can win lvl2)
-your experience can allow you to predict opponent's behavior, which can translate into net advantage with mechanical play potential (landing skillshots, opportunities for ambush, retreat path)
-ganks and teamfights are exciting highlights with high stakes
-you can bully opponent out of the game if you can maintain your lead
-lol has ridiculously low time-to-kill, allowing you to blow up enemies instantly with enough lead
-you can cook your own mathematically correct or offmeta build if you're not afraid of peer pressure and trolling your team
why you shouldnt touch lol
-people will smurf on you
-you also get blown up instantly
-it's ultimately a team game, so you will have to lose because your team is shit regardless of what you can do
-you can win lane and get murdered by the guy from next lane
-ranked makes winning more important than the enjoyment. Good games are entertaining, but in lol you might have to go through a miserable time to get a victory screen
-the game can be incredibly boring when both lanes play seriously without making mistake
-normal games are somehow also filled with sweaty try hard
-death timer growing into full minute as game goes
-if you're not a masochist, why would you play top, lose your early trades, get zoned for 20 min and bullied out of lane to be the team's bitch and scapegoat just so you have a <50% chance for a victory screen randomly popping out at the end? (unless you were matched with an inting Sion, kill Sion 10 times and still lose at the end)
-games can be lost in characters selection
-some characters systematically overtuned
-unless you play Kaisa, you don't really have a large wiggle room to stray from standard optimal build path and make meaningful choice to counter the situation without sacrificing late game
In conclusion, lol is a game for sadomasochistic people who likes to takes turn tormenting each others. If you are somehow addicted to it, I recommend you to seek medical help and better entertainment. Perhaps, consider replacing your social collaborative activities to something else than gathering in a bush to murder someone.