A very reliable source has told me that the replay system has actually been in development since episode 5 but it was on the back burner and given low priority due to pushes from Riot hq to prioritize microtransactions, the videos shown during the 'dev diaries' are actually pretty old and there is a working version of the replay system ready to ship however the Valorant team is not yet ready to publicize the replay client. With the current environment inside Riot, employees are encouraged to push features that monetise and get alot of users onto their games. No one is currently comfortable with pushing for the replay system as it will do neither of this inherently. The 'gifting' system is currently being pushed forward and a top priority for some executives and employees to climb in their careers as it is a simple feature will easily increase revenue.