Pre-orders without an eventual delivery are fraud. Ignoring the time value of money, when you pre-order you typically pay the same amount as you would if you waited until the product was available. What you gain is getting the product earlier than others, and what you lose is the access to reviews prior to making your purchase decision.

Pre-orders are not a new business model. They pre-date the general availability of the internet.

What new business models? You could pre-order new car models for decades, a company would announce that new model X is going to be available in 6 months, but you could order one now to make sure you get it on the release day. In such case, you also didn't have the luxury of reading any reviews but you were buying an unreleased product.

You get the ability to make all of your friends jealous because you have the hot new X a month or so before they can buy it.

It's much more likely you have an overhyped dud a year late but one month before anybody else can buy it. If the game you're playing is to one-up your friends, it's a price worth paying.