The more I think about it, the more I realize loot boxes to kids now are what trading card packs were to kids back in the day. When I was in elementary school, I was deep into Yu-Gi-Oh! cards. Card packs ran ~$4 and carried the chance that you got a super powerful card. I spent probably close to $100 on cards over the years which, for a 8 year old kid, would be akeen to me dropping $3k on the new Mac Studio.
But there were natural controls in place back then. I had to save up every week to get a new pack, and I only had one chance per week to buy a pack. Now with microtransaction, the biggest problem (in the context of kids), is how easily accessible it is. If I came home and opened my pack to find that it didn't have any good cards, I would have to wait another week to get another pack. Now a kid can just go and get another lootbox instantly.