It's still gambling... even more so if you can exchange the cosmetics back for real money. Which means it's still exploiting some people's gambling addition tendencies, which is the justification for gambling regulations in the first place. They don't regulate video poker because the gambling is making that arcade machine less fun.
The thing I actually care about is computer games. Good ones, well made, and designed around being fun. I enjoy opening my dota2 chests - but they have (basically) no negative impact on the game.
I actually agree - it's "pure" gambling in that sense. You're spinning a wheel and getting a random payoff. I just don't think that's an inherently bad thing
