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this just makes it a lot easier to snowball once when you a good early game. not only are the expensive items more cost efficient, but there is no way to take away the advantage. this makes it very hard for comebacks.
It rewards good playing, or if that isn't the case, it punishes bad. I get where you're coming from - the first 10 minutes or so shouldn't heavily influence the remaining 20-30 minutes left - but I think different team compositions and item builds are unique and versatile enough that an early snowball isn't a guaranteed win for that player's team.