In my opinion, the best approach to videogame wikis is what valve did with the TF2 wiki. They saw that it was a great community resource, and so they took it under their wing, gave it hosting and a subdomain, and then left it alone. The wiki maintains full editorial control, which lets it remain a useful resource
That's what seems to be happening here. Riot games paid for the wiki to be moved from fandom and hosted by weird glop but governance seems unchanged.
Valve is in a unique position. Private company which makes infinite cash from their store. Plenty of freedom for little community outlays which can be impossible to approve when you have to justify finance numbers to the street.