User blog comment:Atmey/Aghanim's Scepter/@comment-5297851-20120912134610

I think the reason why Riot didn't adapted this item or its concept is because you have the components to adjust your ult already. LoL already has the AP/AD scaling to increase damage, cooldown reduction for cooldowns, Rylai's and other items for Item Utility, Spellvamp etc. The point is, most of the things that the Aghanim's Scepter provides are already implicated in other items.