In the context of League of Legends, OTP stands for "One-trick-pony". This refers to a player who predominantly plays a single champion, mastering its mechanics and strategies to achieve the highest possible level. There are inherent benefits to playing as an OTP, such as thoroughly learning a champion and everything about them, giving the player a huge edge over opponents who might not be as skilled on their champion. However, there are also moments when an OTP might not fit into every team composition, and the player will be forced to play something else.
Its worth noting that OTP can have other meanings in different contexts. For example, OTP can stand for "One True Pairing" in shipping culture, where fans of a franchise/fandom romantically pair or "ship" different characters together. OTP can also mean "On The Phone" or "One Time Password".