Valorant launched just as the esports bubble burst, and we are seeing its long-term effects. The thing is, unless you are having gambling money involved like in CS, only the publisher (in Valo's case, Riot/Tencent) could fund the pro-scene. It has been re-iterated countless times that Riot never made any money out of LoL esports outside of China. Though they've still invested in it due to the intangibles, ie promoting their product. LoL esports did this quite successfully, since LoL esports is one of the biggest reason the game is still pretty healthy in terms of player counts and interest. It has therefore been a good ROI, despite LoL esports losing money for Riot on paper. Even so, Riot had to merge several regions to create LTA and APAC league this year.
Now, talking about Valo, again, unless Riot wants to allow CS-style open circuit with external TOs hosting tournaments with gambling sponsorship money, they have to bear the whole expenditure of maintaining the esports scene. Funny thing is, at the beginning of Valo, Riot mentioned that they are planning to structure Valorant esports unlike that of LoL but closer to that of CS : 3rd party TOs, lot of different international LANs, etc. For some reason, they've altered their plans and now here we are, with VCT as we know today.
So from Riot's point of view, everything revolves around the ROI, ie how much marketing the pro-scene does for Valo. Riot recoups the investment they've made on the esports scene by added interests of viewers that leads to more play-time and money spent in-game. Players and watchers of VCT all shit on Riot for creating the franchised system and ruining the national/regional leagues as a result, but Riot must've done some calculations before jumping to the franchised structure. Especially, what'd matter is how much ROI they'll be able to get from key markets, that is the Chinese market and the Western market. It is very plausible that the ROI of creating and maintaining 4 international leagues is much better than maintaining every single individual national T1 leagues, as it has been pre-franchise.
I think that Riot couldn't care less about T2. Had it been possible, I think that they wanted to replicate the success of the European LoL esports scene, where both the LEC and ERL/EM were very popular. This obviously hasn't worked in Valo, but at least from the viewership standpoint, I think T1 has worked out well for Riot.