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Cheating in single-player games is absolutely fun and a good way to introduce oneself to reverse-engineering. The key difference, though, is that cheating in multiplayer games can directly (usually negatively) impact the experience of other people playing the game.

Sure, but in a single-player, local context: do what you want and experiment.

League of Legends is a multi-player game, and a competitive one at that: you having fun by cheating is likely leading to another player not having fun, which is bad for the game (and Riot as a revenue-generating company!).

It definitely is. I had tons of fun cheating on RuneScape. There were (and maybe still are) more than 3 botting platforms with friendly APIs for writing scripts. Being a computer savvy kid I wrote my own scripts, tested them, ran them overnight... It took Jagex nearly a decade to ban me.