LoL was hugely successful long before it eclipsed other esports. It was successful because a very large number of people played it, your dislike for it notwithstanding. I didn't like Twilight, but I can't really question that its popularity is legitimate.
You're right. It's definitely a popular (and I'm sure profitable) game. And I don't think OPs comment really belongs in this thread, but like him, because it's a bad game, I lament (maybe irrationally?) that it's so popular.