Great points, but a bit misleading if the intent is to present this as something new under the sun. The illogical decision to buy a game boost that will not recoup its cost is not much different from buying a name-brand pair of sunglasses instead of $5 cheapies. Both cases lack any marginal utility in the purchasing decision, so the purchase is justified by marketing. That is, a story is created that the consumer either accepts or denies.

In the game, playing with the boost is more "fun", because you have more agency in the game and thus feel more powerful. You are temporarily unburdened from the artificial limitations of the game.

With sunglasses, there are (often illusory) promises of quality or imaginary utility, or participation in a social narrative that says a certain configuration of plastic is more fashionable than another. Or plain old conspicuous consumption, also a social narrative.

Simply put, IAPs did not invent this style of anti-economic behavior.