I don't condone or support cheating, but I don't support the installation of rootkits, which is what Riots Vanguard is. This is required to be running from start up, even when you are not running the game. The rootkit already gives them the ability to abuse their anti-cheat system and take actions against you for things that they have no jurisdiction over. Eg games that are not even theirs.
I'm a system builder by trade, and it scares the hell out of me every time someone says they play Riot games. I've talked some people out of it after explaining the downsides.
Adding a TPM gives TenCent enhanced control over your system. The requirement for TPMs is not as noble as Microsoft would have us believe and I will never use a system that requires the use of one. There are other strategies for keeping PCs safe-ish.
If I read this right, they could ban your system, not your account. So you'd have to upgrade to be able to play. The number of fase positives too is a worry. Sorry, I do not believe this is a good move.
Just my two cents worth.