Such arguments are indeed popular in China, but I don't think so. I don't think it's the LPL that is falling. Rather, T1 has shown enough ability. Aside from T1, the other teams in the LCK are not bright enough.However, the popularity of LPL in China has indeed declined partially, and some midstream and downstream clubs have chosen to reduce investment or opt out of the league (such as ra). The resurgence of ig is largely due to investments from electric vehicle companies (although there is no definite news, but it is likely to be arfox) and esports MCN.
About Valorant
I don't think IG will set up a Valorant division, as some Chinese club owners didn't think the program was competitive until EDG won the title. IG has established a Valorant club before, and found the previous cs player lan and roinybaby, but because of the small business, it chose to dissolve the distribution after the China Evolution Series.
And for Chinese clubs, IG is not a big capital. For example, the capital behind JDG is JD.com, which is one of the largest trading platforms in China. For example, BLG, the capital behind him is bilibili, which you can understand as Chinese YouTube. Behind TES is TOP, a multinational sports brand.