Actually - it was just recently ruled that loot-boxes are definitely not gambling because you always get SOMETHING.
Frankly - I definitely agree with the ruling. If it had been ruled as gambling, where would it end? For a physical gaming example - would MtG card packs be gambling since you sometimes end up with more valuable cards? Baseball cards? What about that old "Puppy Surprise" toy where you get somewhere between 3-5 puppies? etc.
The slippery slope argument is overused, but in this case it applies.
As to the premise of the thread - I think that we've already gone that way. Go back 15-20 years to when 3-d was new and it was WAY more about the graphics. Sure - less $ was involved and the industry was smaller - but each year the graphics made huge leaps forward and no one bought the old crappy looking stuff.
Now - while AAA games still work on better graphics, most developers can be comfortable on the other side of the uncanny valley and are better off working on design/polish than raw graphics.