There is definitely an argument to be made for microtransactions and predatory lootbox mechanics to be the problem. A lot of people compare them to drugs, gambling, and other things of the sort.
Here's the thing. No parent would ever let their teen child partake in gambling or drugs. If people genuinely think that it is child gambling, then parents should be taking away these consoles and not letting their kids play those games if they're getting that addicted to it. At the very least, add parental controls and remove the credit card from that account to stop them from spending so much.