If Valve can mitigate hacking in CSGO without such an intrusive service, I am sure Riot can. I, myself, did a very, very, very poor job with an autoencoder to detect anomalous matches in Dota and caught a large amount of players abusing the system. As far as I know, CSGO anti cheat does involve an ML component.
My point is that a non-intrusive anti cheat, advanced analytics, and tracking of user feedback goes a long way.
Ofc, none of this matters. If the playerbase actually cared, they'd boycott or stay away. And I cannot remember the last time gamers ran a successful boycott campaign.
edit: Also read that uninstalling the game will not always uninstall the ring 0 anti cheat. I can't verify since I would never install this on my system, but for what it is worth: That is terrible IF true.