It's still early,
Still, with how similar to cs the game can be you'd expect EU to do better as time goes on, the game can be very tactical and eu teams seem to be innovating a lot
However, the format riot has implemented greatly favours ASIA by potentially giving them 8 (at least 4) teams to any intercontinental tournament (that's half of the teams, btw), if we think that this will continue here's no reason to believe any other region will have a shot at dominating the scene.
NA probably have the most revenue, but idk, and could probably buy mist players they want, but they still only share 4 spots with SA
SA is just always insane but I'm not sure for how long they can keep going sharing 4 spots with another region
Oceania have a few good teams, having to fight through apac makes it pretty impossible they can dominate as a region tho
For an Africa team to qualify for a masters or champs they'd have to win their league, win ascension against eu teams and qualify from the emea league, that's a 2 year road just to get in there, nvm dominate as a region