Yes but up till last year it was 11 teams with only a single team from each of the major regions vs 22+ teams at worlds. LoL isn't like valorant. There is no regional parity. China and Korea dominate everything. So realistically, you had an 11 team tournament where only 2 teams could win. And besides 2019 when Europe's G2 was really strong, The chinese/korean representative have won every single msi only really having each other to compete with. Only worlds is really competitive since you have a much wider array of potential teams that can win (8 chinese/korean teams vs the 2 you have at msi).
At least in valorant masters are 12 teams vs champions with only 4 additional teams(16). The field is more even and it's never been unreasonable to say you could see many different teams winning(besides in early/mid 2021 when certain regions were very behind).