According to the prevailing sentiment expressed in League of Legends community, Riot Games is indifferent when it comes to streamers and players selling League of Legends accounts despite it not being officially endorsed. The general consensus is that Riot loves the exposure and popularity that streaming brings to their game, regardless of how it's done.
Many point out that Riot largely ignores most streamers in their partner program anyway, meaning that financially they have to rely on sponsorships. Streamers need to make a living, so they are essentially pushed to accept sponsorships from account selling sites.
One of the largest platforms for such opinions is Reddit and Quora. Redditors argue that Riot simply doesn't want to invest the money and resources required to actively police and shut down account selling. As a business focused on profits, hiring staff dedicated to this is seen as an unlikely move.
Some even suggest that the sale of accounts actually benefits Riot in a roundabout way. More accounts being created and leveled up inflates their active player numbers, making the game look like it's still growing robustly to investors.
Interestingly, a few League of Legends forum users propose that account selling indirectly helps keep the game fresh for high-level players. The most popular League of Legends account website makes it easy for streamers and players to use brand new accounts. Being able to purchase pre-leveled accounts allows veteran players to more easily start over in lower ranks, where they can enjoy a break from the intensity of high-ELO matches. This, in turn, may keep them from getting burned out from playing too many matches and quitting the game altogether.
At the end of the day, many Redditors admit they would probably take sponsorship money to sell accounts if they were in the streamers' shoes. Earning money doing what you love is hard to pass up, especially for smaller streamers just trying to get by, even if it means dealing with some smurfs, which everyone does anyways.
The common consensus is that account selling and buying is a net positive for the game, and is practiced in every popular online game. They believe it brings in more revenue for Riot through new account microtransactions and keeps a portion of the player base engaged that might otherwise drift away. It's clear that many see account selling as a harmless and understandable practice in the streaming era.