Okay, this one needs to be broken down:

We typically value a known cosmetic more highly than an unknown one

I mean, if this is the case for Riot, maybe, but I don’t think this is what the playerbase thinks. Everyone gives their personal value to things, but if I had to guess, the playerbase will always value skins (which are achievable through grab bags) over banners because, like I said in another comment, skins are the ones we spend most time with, as they’re the ones that exist during gameplay. Personally, I’d rather have an unknown skin that I will use during gameplay, maybe even to try a new champion, than a banner that I will only see for very few minutes in queue.

This is a value-neutral move.

Due to my explanation above and how I believe the community values skins, this statement is simply false. We’re losing skin potential in favor of a set of banners, it’s not a value-netral move, it’s one of decreased value.

But look, if people tell us that their calibrations are different and grab bags are worth 2x a banner in their mind that’s fine, we can work with that.

With all due respect, you guys really need to know your community better if you really think grab bags were even close to the same level as a set of banners.

We’re going to try things from time to time and the point isn’t to scam people it’s for us to learn what folks like so we can make things better.

That’s very hard to believe considering how we repeatedly gave feedback that the passes are giving less and less, and now, the best thing you guys have done is add a change that you consider of neutral value (which it isn’t) instead of increased value.