What is going on with Watchful Wardstone?

I haven't seen anyone build this item in years. People talk about Abyssal Mask or Warmog's or Kraken Slayer a lot as the patches come and go, but I feel like Wardstone is the most neglected and most forgotten item in the game and it isn't close.

Has riot said anything about it anywhere? You can't even upgrade it to Vigilant Wardstone now for unclear reasons, I don't even know if it's a bug or it's intentional. And the item is so bad that nobody buys it anyway.

What is going on with it?? It kind of sucks being a low-elo support where games go long all the time and not being able to go to 6 items without giving up the ability to buy control wards. It would be nice if this item actually provided value. What do you think?