It already has but thankfully just like lootboxes, this craze is drying up. In a quirk of fate, Activision's desperation in resorting to selling thin air ranks and red dot reticles is to mitigate people not spending as much on microtransactions last year.
Activision, EA, Bethesda and 2K have all lost major value and these are companies that are reliant on annual shareholder injections to remain in growth. They wont exactly go bankrupt soon but it's a huge knock and reality check that they can't remain sustainable with just microtransactions and dying brands. Activision even admitted that because of lower income than expected from BO4 and Destiny 2 Forsaken, they'd basically monetize the fuck out of what they currently have and this sheer desperation and shame didn't go unnoticed from the community.