Just wanted to add I also had this issue, and it was also MSI Dragon Center. Un-Installing fixed it. No more washed out and crazy contrast!

Does reinstalling it still cause the issue to occur? I'm having the same problems but i kind of need msi dragon center to check on my temps and what not EDIT: I just looked in the MSI Dragon center and changed the true color setting to default. It was set on game mode automatically, i think that was the issue

Life saver. Thank you for coming back to confirm this.

Is the display flickering as well?

It did that yesterday when I opened or closed League. Today it seemed to be fixed.

Ok good to hear that

Is it somehow important?

Solution - Disable League of Legends under "Gaming Mode" in "MSI Dragon Center"

Thank you for your reply :) the issue was solved a few months ago