I think the issue here is an assumption that all the mog station stuff would have been made and put into the game anyway if the cash shop didn't exist. I suspect in many cases that isn't true. If the Cash shop didn't exist then its not like we would just get all this in the game. It probably means we wouldn't get it at all. The amount they invest in this game will be in proportion to how profitable it is. Things like a Cash shop allow SE to make more revenue without raising the sub and this allows things like the server upgrades we are getting to be justified financially.

A better question do we get value for our sub. If the answer is yes then that should be fine.