I was going to write out a multi-paragraph response, but I think it's getting off-topic. I'll just say that with regular updates, it's in effect rolling out a sequel. A game like that week one is not the same game it is after 3-4 years, much less 10.
League is an outlier for the games industry for it's business model.
esports really just feels like a bubble. Like with what happened with Poker.
Evo 2016 had 15k attendance. Most of which were participants. 5k participated in the Street Fighter tournament alone. There's convention money to be made here, but 77% of esports revenue is from sponsors. Fans have no reason to root for one team over another. There's no regonality to any of them (meaning NYC has team(s), TB has a team, etc). They're grouped by country when that does happen.
Pro Beach Hockey comes to mind. Why pick one team over another? Style of play, logo/sweater design, maybe you recognize one of the guys from minor league puckball, etc.
What separates them individually is personality and success. Having watched enough interviews with them, not many are PK Subban. They're there because they press the buttons good. People spam the cringe emote on twitch when competitors are speaking.
With the volatility of what's popular that moment, the iron grip of the generally scummy games industry, and the complex rights, licensing, and sponsorship agreements where everyone wants their cut, I don't get it.
Relevant (also source for 77% number)
https://sports.vice.com/en_us/article/how-esports-can-survive-when-the-sponsorship-bubble-bursts
edit: spent some time thinking about esports. I think besides teams claiming regions, most tournaments should be 'hosted' by a team (like the Frozen Four). For instance, the Tampa Bay Surge (what I'll call the team) & sponsors have an event at the convention center. It establishes a pecking order, at least in theory, of top tier teams to follow for the casual (and the other way too, a known top tier team's event would get added prestige) and the host would be expected to be on their best behavior since they're the home team, which would improve esportsmanship and professionalism for the high end.
The biggest World Championship type events would not be necessarily hosted by anyone.
edit 2: y'know. I've thought about it a bit more. I still feel esports are a bubble, but I'm trying to address the issues I have. I think an underpinning issue to edit 1 regards the skill gap. The fact that anyone can compete may actually be a bad thing. It takes the best off a pedestal. There's a reason the NHL doesn't play the KHL. If the NHL wins, it's expected. If they lose, they lose a piece of legitimacy as the undisputed best league. A total rando can come out of nowhere and potentially place well. To a degree you'd need to break the community spirit and institute a clear hierarchy where the arbitrarily selected well funded "best" teams compete alone in an elite league, and the winners of the elite and rabble divisions don't play each other. Relegation could work here. (I'm now aware of relegation existing in LoL competitive play)
Unfortunately, I don't see how esports can really outlast the bubble without stepping on the little guy. I'd rather just stay out.