I have discouraged friends and family to buy me gifts for years. I've also gradually stopped buying gifts for people as soon as I feel it's not too weird.
I'm at a point people around me understand I don't want presents, and some are convinced not doing gifts is a good idea, especially the wasteful part. We don't do gifts at Christmas with my parents anymore. We just skip this shitty period where you stress out spending too much money buying presents for everyone at the same time as everyone else, we just have a good time and everything is smooth. No need for presents to show we love each others. My parents are still used to buy each other presents for their respective birthdays (and involve us), but I think that's mostly because they are trapped in it.
If we want a healthy planet we really need to think about the presents and especially on Christmas, which shall be reinvented. Teaching kids to expect and demand presents can't be good at this time, by the way.
I do have a couple exceptions though. I'm close with my brother and sometimes run across something that I know he actually needs, and buy that for him. My exes have all really loved receiving flowers spontaneously.
The difference is that expectation of reciprocation feeling that you mentioned. I hate scheduled gift-giving. It feels so insincere.