Although you are 100% correct, what I see when looking at the profits of those games, is not gaming... Its a sort of either gambling or extorsion! Those games generate profits because they get money from you.
Although playbility on those games is excelent, if that is the future of gaming, I will pass on it. That is the model I speak when talking about smartphones. Microtransactions inside games, and means to make feel good on spending.
I like games to be fun, not be messing with my wallet if I want to keep up with others. I prefer to buy one game and playing it at my pace, without extra expenses.
This is my oppinion though. Not forcing others to agree with me!