The reason mobile game companies have hordes of data analysts and data scientists is to figure out the optimal point where enough people pay to speed up progress so the game is profitable, but not so much that non-payers stop playing because they feel they can't progress without $$.
Nobody bats an eye if someone spends $80 on the latest console, but everyone is sharpening their pitchforks if they spend a similar amount in mobile game IAPs. Even if the hours played and enjoyment received are perfectly equal.
Most people who buy IAPs exchange money for progress in games, they work 8-10 hours a day so they don't have the time that a Monster Energy Drink fueled teenager has to grind equipment. But they have money they can use to catch up somewhat so they can enjoy their evenings playing the fun bits instead of grinding for that 1% drop like a second job.