"late game items" are there to encourage a conclusion to the game.
This. As in many strategy games, the costier things are here to make you able to finish a game, so there is nothing wrong with them being powerful.
But feeders are indeed a pain, maybe modifying the system would help: let's half the gold gained for a kill and make the demigod that lose the other half of the gold.
Feeders would be less problematic that way, loosing all their gold will make them change their way of playing and their teams would only suffer from an useless ally and not from overpowered ennemies.