Genshin has 50-60 million monthly average users. That works out to something like $40 per player per year on average. Most players are F2P or just buy the $10 battle passes, rather than spending hundreds of dollars on the gatcha system.
The average is meaningless in F2P. If you look around online, it's well established in the games development industry that 70-90% of players in F2P games never spend anything and, of the small percentage who do, only a few percent of that 10-30% constitute the majority of revenue. It is absolutely all about whales and their gambling addiction.