Aren't microtransactions, loot boxes, and gacha the "give away the handle, sell expensive razor blades" business model?

I have about 3200 hours in EU4, a ten year old game. But I also have $400 in its DLC (all of them).

But the thought of paying $30/mo to play a game is just too much. I only buy 2-3 games+DLCs per year. Game Pass was fine when it was $5/mo, I could leave it on in the background and not care if it wasn't utilized.