I think lootboxes should be regulated like gambling, but the way Valve implemented them was not as bad as what the industry at large has done.

1. Loot was cosmetic or a "sidegrade" of items that could be obtained through other means (especially TF2). That is, not pay-to-win.

2. Loot boxes and their contents can be sold on the marketplace, so there are opportunities to make your money back if you get a $400 item. You can also sell the boxes themselves without paying for keys. Free Steam credit for everybody.

That's like blaming Edgar Alan Poe for trashy modern emo slam poetry. Those were innocent times when the innate evil of the loot box was not yet known. Valve abandoned them when the truth of what they were tampering with became clear. I am willing to forgive so long as they do not return to the dark arts.

At least those boxes have possible resale value. And actually just keeping them unopened have not been bad monetary gains. Some of the oldest ones have stupid resale prices at this point.

You mean, before it was known how it would affect the gaming landscape in the large?