I have one word for you: prejudice.
And don't get me wrong, I carried exactly the same thought as you do up until 2-3 months ago, until I took a leap of faith with modern Gacha games and saw for myself that most of my (or your) prejudice were wrong. First, there are 4 type of gacha player: F2P, Lower Spender, Dolphin and Whale. I had talked to a lot of people who have been F2P players for years and they did and have pretty much everything in the game. The low spender tier (5$-20$) will put you exactly where are regular sub for FF14 is, that's where I am and I'm plenty happy.
Ask yourself this:
how long does it take you to BiS ONE job in FF14?
how long does it take you to farm for ONE ex-mount if you're not lucky?
how long does it take you to farm for your favorite 24man glamour set?
Taking off the negative prejudice from the word F2P/Gacha and objectively, you see the time table is the same. You don't have to spend money to "get things" in most F2P/Gacha games. The difference is gacha game give you the option of forking out the money if you want it now instead of having the samething after 1-2 months of playing. Which btw, you can also do in FF14 if you willing to fork out the money to buy loot/run/carry.
In fact, now that I think about it, I feel like gacha game actually have a leg up on it:
FF14: you pay to get access to the grind, but you still have to do all the grind yourself
F2P: the grind is free if you want to put in the shift, or you pay to skip/short the grind.
That's not what make the difference. The difference is it's clearly the money in these games were re-invested to keep the momentum going. Whether the money earn from FF14 is used to invest in other fail and outperformed projects.second , i can say without taking any risk that ZZZ (and any mihoyo "games") bring more cash in trimester than all SE released games in a year.